Essentials of Federal Taxation
Taxpayers May Use Historical Data to Determine the Recovery Period
Taxpayers may use historical data to determine the recovery period for tax depreciation.
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Taxpayers use the half-year convention for all assets.
If a taxpayer places only one asset (a building)in service during the fourth quarter of the year, the mid-quarter convention must be used.
The MACRS depreciation tables automatically switch to the straight-line method when the straight-line method yields a higher annual depreciation amount than the declining balance method.
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