This Is the IRS Convention That Requires That All Property

question 114

Multiple Choice

This is the IRS convention that requires that all property placed in service during a given period is assumed to be placed in service at the midpoint of that period.

• A) mid-point convention
• B) mid-month convention
• C) mid-quarter convention
• D) half-year convention

---

Definitions:

Prior Commitment

The psychological state or condition of being previously dedicated or bound to a particular belief, action, or course of behavior.

Group's Status

The relative standing or prestige of a group within a social or organizational context.

Unanimous

Complete agreement among all members or participants.

Asch Conformity Test

An experiment designed by Solomon Asch which demonstrates the power of conformity in groups, where individuals often agree with an incorrect majority opinion.