_____ 9.If more than 40 percent of all personalty purchased during the year is placed in service during the last quarter of the year,the mid-quarter convention must be used.

Question

Quizplus · Accepted Answer

The statement is true according to the mid-quarter convention rule under the US tax law. If more than 40% of the total personal property is placed in service during the last quarter of the tax year, the mid-quarter convention must be used for calculating depreciation.

_____ 9If More Than 40 Percent of All Personalty Purchased During