MACRS Requires the Use of One of Three Conventions

question 50

Multiple Choice

MACRS requires the use of one of three conventions. For personal property, the general and most common convention is

• A)mid-life
• B)mid-quarter.
• C)mid-month.
• D)mid-year.

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Definitions:

Sale of Goods

A transaction involving the transfer of tangible personal property from seller to buyer, under terms and conditions outlined in a contract.

Completed

Refers to the state of having finished an activity or project.

Title

The legal right to own or possess something, such as property or a vehicle, often represented by a document proving ownership.

Deposit

A sum of money placed with a bank or other financial institution for safekeeping, or as partial payment in a purchasing process ensuring the buyer's intent to carry out the contract.