Homework Answers
Placed in service refers to the time when assed is put to use for accounting purpose. This time is used for calculating depreciation and tax purposes.
According to IRS guidelines , property is assumed to be placed in service when it's placed in a condition of readiness or availability for a specifically assigned function.
Since the assets was ready to use on June 1 when the property was painted. Hence this will be considered as placed in service.
Answer is option C. 1 June 2018.
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