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30 June, 01:56

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.

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Answers (1)
  1. 30 June, 03:43
    0
    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.
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