On November 7, a Calendar Year Business Placed in Service

question 62

Multiple Choice

On November 7, a calendar year business placed in service $900,000 of 3-year recovery property. If this was the only property placed in service during the year, MACRS depreciation is computed using the:

• A) Mid-month convention
• B) Mid-quarter convention
• C) Mid-year convention
• D) Daily pro-ration method

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Definitions:

Quality

The degree to which something meets or exceeds established standards.

Utility Analysis

A method of determining the gain or loss that results from different approaches.

Moving Companies

Businesses specialized in relocating household or office contents from one location to another, offering packing, moving, and sometimes storage services.

Charges

Fees or prices asked for goods or services, or the formal accusations of wrongdoing.