In order for an asset to be depreciated in the year of purchase,it must be placed in service before year's end.

Name: In order for an asset to be depreciated in the year of purchase,it must be placed in service before year's end.
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Question

Quizplus · Accepted Answer

The asset must be placed in service and ready for use in the business before the end of the year in order for it to be depreciated in that year. If the asset is not ready for use until the following year, the depreciation will commence for that year.

In Order for an Asset to Be Depreciated in the Year