If a taxpayer places only one asset (a building)in service during the fourth quarter of the year, the mid-quarter convention must be used.

Name: If a taxpayer places only one asset (a building)in service during the fourth quarter of the year, the mid-quarter convention must be used.
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Question

Quizplus · Accepted Answer

The mid-quarter convention is used if more than 40% of the total depreciable basis of property is placed in service in the last quarter, not for a single asset like a building.

If a Taxpayer Places Only One Asset (A Building)in Service