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Corporation X, a corporation with a calendar year end for tax purposes, purchased equipment in November of the current year. This was the only asset
Corporation X, a corporation with a calendar year end for tax purposes, purchased equipment in November of the current year. This was the only asset purchased during the current year. The equipment was placed in service in February of the following year. No assets were purchased in the following year. Corporation X's cost recovery would begin: a. In the following year using a mid-quarter convention. b. In the current year using a half-year convention. c. In the following year using a half-year convention. d. None of the choices presented are correct. e. In the current year using a min-quarter convention
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