Which depreciation convention is the general rule for tangible personal property?
A)Full-month
B)Half-year
C)Mid-month
D)Mid-quarter
E)None of the choices are conventions for tangible personal property.

Question

Quizplus · Accepted Answer

The half-year convention is the general rule for tangible personal property. It assumes that the property was placed in service halfway through the year and allows for a deduction of half of the property's cost in the first year, regardless of when it was purchased or placed in service.

Which Depreciation Convention Is the General Rule for Tangible Personal