Which of the following statements concerning the recovery periods and methods for determining depreciation deductions for property placed in service this year are correct?
1) The Modified Accelerated Cost Recovery System (MACRS) is used to determine the recovery period for most property.
2) The recovery period for residential rental property is 27.5 years.
3) The recovery period for nonresidential real property is 39 years.
4) The recovery period for tangible personal property is generally 5 or 7 years.
