Quanti Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2016, representing the
Question:
Quanti Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2016, representing the company’s only purchase of tangible personal property that took place during 2016. On its 2016 tax return, how many months of MACRS depreciation may Quanti Co. claim on the tools?
a. One-and-a-half months
b. One month
c. Six months
d. None
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The answer is a Oneandahalf months For property placed in service in December ...View the full answer
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Related Book For 
South Western Federal Taxation 2017 Comprehensive
ISBN: 9781305874169
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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