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 these are conventions for tangible personal property

Question

Quizplus · Accepted Answer

The half-year convention is the general rule for tangible personal property depreciation. Under this convention, assets are considered to be placed in service halfway through the tax year and are therefore eligible for a full year of depreciation in the year they are acquired. This convention applies unless the mid-quarter convention or mid-month convention is required.

Which Depreciation Convention Is the General Rule for Tangible Personal