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Business & farm
@ericbroder wrote:Two of the assets had been depreciated using the "HY" (Half-Year) convention, and two (purchased in a different year) were depreciated using the "MQ" convention (purchased in the 3rd quarter of that year).
Half-Year convention means the law depreciates it for a half year in the year it is bought and the year it is disposed, regardless of the actual "placed in service" date.
Mid-Quarter convention means the law depreciates it for the mid-quarter that it is bought and the mid-quarter it was disposed. So your items are depreciated until the middle of the second quarter, or 4.5/12ths of the year.
‎December 30, 2020
10:49 AM