Which statement best describes depreciation in accounting for taxes?

Which statement best describes depreciation in accounting for taxes?

• A. An intangible asset valuation method used for branding.
• B. The expense that records the full asset cost in the year of purchase.
• C. The systematic allocation of the cost of tangible assets over their useful life; provides tax deductions.
• D. A cash flow item representing depreciation of debt.

Answer: (C)