Taxpayers must use the mid-month convention when more than 40% of the personal property is placed in service during the last three months of the tax year.

True / False.

Question

Business

Kasen Robinson

14 January, 01:16

Taxpayers must use the mid-month convention when more than 40% of the personal property is placed in service during the last three months of the tax year.

True / False.

+5

Answers (1)

Know the Answer?

Mario · Answer 1

False

Explanation:

Taxpayers must use mid-quarter convention.

This convention states that all taxpayers must use it when more than 40% of their personal property is placed in service during the tax year's last three months.

This convention states that a property is treated as placed in service and/or disposed of in the quarter's middle in which the property is placed in service and/or disposed of.

Taxpayers must use the mid-month convention when more than 40% of the personal property is placed in service during the last three months of the tax year.True / False.

Taxpayers must use the mid-month convention when more than 40% of the personal property is placed in service during the last three months of the tax year.

True / False.