Question

The mid quarter convention: I. Never applies to real estate II. Is required when more than...

The mid quarter convention:

I. Never applies to real estate

II. Is required when more than 30 percent of the depreciable basis of certain property is placed into service.

Which of the above statements are correct?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer- The mid quarter convention - I. never applies to real estate is correct.

Because

I.real estate is depreciated using the mid month convention so that the property is considered either acquired or disposed of in the middle of the month,not in the middle of the quarter.

II.the mid quarter convention uses when the total depreciation basics of MACRS property that was placed in service during the last three months of the clients tax year is more than 40% of the total depreciable basis of all MACRS property that was placed in service throughout the entire years.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Let’s consider the phrases at least, at most, less than, more than. Often when we are...
Let’s consider the phrases at least, at most, less than, more than. Often when we are looking at probabilities, it is phrases like those which are key to translating a word problem into a probabilistic problem. Consider the following statement: The probability that Mary (spends at least, spends at most, spends less than, spends more than) 20 minutes per day exercising. Depending on which phrase you chose in parenthesis you end up with a different expression and meaning in terms...
Let’s consider the phrases at least, at most, less than, more than. Often when we are...
Let’s consider the phrases at least, at most, less than, more than. Often when we are looking at probabilities, it is phrases like those which are key to translating a word problem into a probabilistic problem. Consider the following statement: The probability that Mary (spends at least, spends at most, spends less than, spends more than) 20 minutes per day exercising. Depending on which phrase you chose in parenthesis you end up with a different expression and meaning in terms...
On June 5, 2016, Javier Sanchez purchased and placed in service a new 7-year class asset...
On June 5, 2016, Javier Sanchez purchased and placed in service a new 7-year class asset costing $550,000 for use in his landscaping business, which he operates as a single member LLC (Sanchez Landscaping LLC). During 2016, his business generated a net income of $945,780 before any § 179 immediate expense election. Determine the maximum deductions (including first year additional depreciation) that Javier Sanchez can claim with respect to this asset in 2016 and 2017. If required round your intermediate...
The Estate Tax One of the richest men in the world, Warren Buffett (as of 2010),...
The Estate Tax One of the richest men in the world, Warren Buffett (as of 2010), suggests that repealing the estate tax will benefit only the richest Americans. In 2010, this is the top 2% of the United States population. To put this in more common terms, 98 of every 100 people who die face no estate tax whatsoever. Nevertheless, many younger Americans assume that the group of richest Americans will eventually include them. Listen to the short Warren Buffet...
Following is the whole proposal and for that I need a logical design (ERD), Q. Map...
Following is the whole proposal and for that I need a logical design (ERD), Q. Map all different types of entities and relationships, provide definitions of entities and relationships. Zameen.com is Pakistan's first and biggest property portal and is amongst the world's top five property portals. It was founded in 2006 and has since revolutionized Pakistan's real estate industry by linking online buyers and sellers in a very convenient way, making it a worldwide household name among Pakistanis. This is...
1.Taxes can be justified if the government uses the revenue to (i) provide public goods such...
1.Taxes can be justified if the government uses the revenue to (i) provide public goods such as national defense. (ii) clean up negative externalities such as water pollution. (iii) regulate a common resource such as fish in a public lake. (iv) provide goods with positive externalities such as medical research. A) (ii) only B) (ii) and (iii) only C) (i), (ii), and (iii) only D) (i), (ii), (iii), and (iv) 2.A person's tax liability refers to A) the percentage of...
Which of the following distinguishes scenario analysis from sensitivity analysis? a. Scenario analysis only applies to...
Which of the following distinguishes scenario analysis from sensitivity analysis? a. Scenario analysis only applies to new product development projects. b. Sensitivity analysis only applies to new product development projects c. Sensitivity analysis involves changing one project variable at a time while scenario analysis involves changing more than one project variable at the same time d. Sensitivity analysis only applies when projects are mutually exclusive. 3. Which of the following statements is true regarding the internal rate of return (IRR)?...
1. Which is statement is true? I. A single-price monopolist charges a price equal to the...
1. Which is statement is true? I. A single-price monopolist charges a price equal to the marginal cost of the last unit sold. II. A monopolist with positive marginal costs and facing a linear demand curve always sets a quantity (or price) such that it sells on the elastic section of the demand curve. III. A monopolist regulated by marginal-cost pricing regulation sells at a price that covers its variable and fixed costs of production, but it still causes a...
Which one of the following statements is true? Select one: a. Traditional Keynesian analysis indicates that...
Which one of the following statements is true? Select one: a. Traditional Keynesian analysis indicates that increases in government purchases are a more potent tool than decreases in taxes. b. According to Keynesians, fiscal policy is the first line of defense against economic downturns. c. Advocates of sacrifice ration claim that a zero-inflation target imposes only small costs on society. d. Sacrifice ration implies that a credible commitment to reducing inflation can lower the costs of disinflation by inducing a...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth was born on July 4, 1972, and her Social Security number is 123-45-6789. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT