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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
For example, a business spends $32,000 on furniture and opts to depreciate it using the section 179 formula. In year 1, the business would take the $25,000 in depreciation as allowed by the code, plus $1,000 in the straight-line depreciation rate of $7,000 over seven years.