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

question 69

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.
All real property is depreciated using the mid-month convention and does not factor into applicability of the mid-quarter convention for personal property.

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Definitions:

Sex of Child

Refers to the biological designation of a child as male or female, often determined at birth based on physical anatomy.

Cesarean

A surgical procedure used to deliver a baby through an incision in the mother's abdomen and uterus.

Breech Position

A fetal position where the baby's buttocks or legs are positioned to come out first during birth, rather than the head.

Umbilical

Relating to or affecting the umbilicus or the umbilical cord, the conduit between the developing embryo or fetus and the placenta.