Question

QUESTION 15 1 points v Saved The half-year conventions used by the ACRS rules and the MACRS rules are the same True False QUESTION 16 1 points ✓ Saved Under MACRS rules, a mid-quarter convention is required if more than 40% of the value of personal property is placed in service during the fourth quarter of the year. True False QUESTION 17 1 points Saved For personal property placed in service after December 31, 1992, the section 179 maximum deduction is limited to $17.500 True False QUESTION 18 1 points ✓ Saved The more than 50% business use only test applies to passenger automobiles. True False QUESTION 19 1 points Saved The Alternate Depreciation System (ADS) is used to calculate depreciation for AMT. True False QUESTION 20 1 points Saved Acquired goodwill is amortized over a 15-year period, with a half-year convention. True False
what questions have the wrong answer selected?

Answer 1

Question 15 : True

The half-year convention works the same way but instead of the month it goes by the year. In other words, you'll get 6 months' depreciation if the asset was placed into service or disposed of during the year, no matter if it was in January or December.

Question 16: False

It does not include personal property only includes 40% of depreciable basis of all assets (other than residential rental property, nonresidential real property, railroad grading, tunnel bore, and assets that were both placed into service and disposed of during the same year) subject to MACRS that were placed into service during that year. This convention gives you a half-quarter (1.5 months' worth of depreciation) for the quarter in which the asset was either placed into service or disposed of.

Question 17 : False Maximum claim can be $ 100000 and put to use service $ 200000.

Question 20 : False

Amortization of goodwill over 15 year period with one year convention and not half year convention .