Question
During the current year, a calendar year tax payer placed the following assets in service (no other assets were placed in service during the year):
During the current year, a calendar year tax payer placed the following assets in service (no other assets were placed in service during the year):
Date Asset Cost MACRS Recovery Period
May 15 Truck $12,000 5
Dec 21 Tractor 42,000 7
These assets will be subject to the:
a. half-year convention
b. mid-month convention
c. mid-quarter convention
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
