-SVET WACHUCU. (1) Because you are an art connoisseur and because you want to demonstrate to your clients just how "cultured" you are, you pay $60,000 for a signed Picasso etching and hang it on the wall of your Schedule C accounting practice office. Briefly discuss whether and why you would or wouldn't treat this purchased tan- gible asset as depreciable property. Cite some authority supporting your answer. (2) Briefly explain - A 1. exactly when a taxpayer (i) may or (ii) is required to use the mid-quarter instead of the mid-year ("half-year") convention with respect to MACRS property, and 2. what difference (when using the mid-quarter convention), if any, it would make if an asset was placed in service during the first week of a calendar quarter vs. the final week of that same quarter