UESTION 13 A taxpayer places in service $55,000 of 5-year property on August 16 of the current year, and $45,000 of 7-year property on December 2 of the Assuming the taxpayer elects not to take Section 179 or bonus depreciation, which of the following statements is correct with respect to this tax O The taxpayer uses mid-quarter convention to depreciate both assets O The taxpayer uses the mid-quarter convention to depreciate the 5-year property, but uses the half year convention to depreciate the 7-year O The taxpayer uses the half-year convention to depreciate the 5-year property, but uses the mid-quarter convention to depreciate the 7-year O The taxpayer uses half-year convention to depreciate both assets UESTION 14 Depreciation of property other than real property begins in the middle of the quarter in which it is placed in service 40% of the total cost of all depreciable property placed in service during the year occurs during the fourth quarter. 40% of the total cost of ection 179 property placed in service during the year occurs during the fourth quarter. 25% of the total cost of all depreciable property placed in service during the year occurs during the fourth quarter. 25% of the total cos t of Section 179 property placed in service during the year occurs during the fourth quarter. ES TION 15