Which of the following statements is true for real rental property that has been depreciated using the mid-month convention in the year of disposition? (a) The depreciation in the year of disposition will be the same as the depreciation in a regular year. (b) The deductible amount will be half the depreciation determined for the full year. (c) The deductible amount will be determined by the month in which the asset is disposed. (d) Using information from the MACRS percentage tables, the calculation is made based on a short tax year.
Which of the following statements is true for real rental property that has been depreciated using the mid-month convention in the year of disposition? (a) The depreciation in the year of disposition will be the same as the depreciation in a regular year. (b) The deductible amount will be half the depreciation determined for the full year. (c) The deductible amount will be determined by the month in which the asset is disposed. (d) Using information from the MACRS percentage tables, the calculation is made based on a short tax year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements is true for real rental property that has been
(a) The depreciation in the year of disposition will be the same as the depreciation in a regular year.
(b) The deductible amount will be half the depreciation determined for the full year.
(c) The deductible amount will be determined by the month in which the asset is disposed.
(d) Using information from the MACRS percentage tables, the calculation is made based on a short tax year.
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