Taxpayers use the half-year convention for all assets.For personal property,taxpayers must use either the half-year or mid-quarter convention.

Name: Taxpayers use the half-year convention for all assets.For personal property,taxpayers must use either the half-year or mid-quarter convention.
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Question

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The half-year convention is generally used for personal property, but the mid-quarter convention must be used if more than 40% of the personal property is placed in service in the last quarter of the tax year.

Taxpayers Use the Half-Year Convention for All Assets