During the current year, Danny, a calendar-year taxpayer, acquired and placed in service the following business...
During the current year, Danny, a calendar-year taxpayer, acquired and placed in service the following business assets:
January: Delivery trucks $ 50,000
March: Warehouse building 150,000
June: Computer system 30,000
September: Automobile 30,000
November: Office equipment 90,000
Which convention(s) is(are) used to figure Danny’s depreciation for the current year and why?
a. mid-quarter for all assets except the warehouse building, which uses mid-month
b. half-year for all assets
c. mid-quarter for all assets
d. half-year for all assets except the warehouse building, which uses mid-month; half-year for the automobile and the office equipment
Homework Answers
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