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

question 128

True/False

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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Definitions:

Indians

Indigenous peoples of the Americas or people from the country of India, context-dependent.

African Slaves

Individuals from Africa who were forcibly brought to other parts of the world, particularly the Americas, and subjected to forced labor and servitude from the 16th to the 19th century.

Early 17th Century

A period roughly between the years 1601 to 1630, marked by significant cultural, political, and technological changes worldwide.

Indians in the Northeast

Indigenous peoples living in the northeastern part of North America, known for their rich cultures, languages, and traditions, and for forming vital societies long before European colonization.