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Depreciation

Mid-quarter convention tax assumptions

The application automatically determines whether the mid-quarter convention applies to an asset and recalculates the asset's depreciation when necessary. Whenever you close the
Asset Detail
 window or force the application to recalculate depreciation, the application totals the business costs of all qualifying assets. If the application determines that conditions require the use of the mid-quarter convention, it uses this convention when recalculating depreciation.
If 40% or more of qualifying asset purchases were made during the last 3 months of a client's year, the application applies the mid-quarter convention. Similarly, if the assets were previously calculated using the mid-quarter convention but it is no longer adequate, the application recalculates depreciation without applying the mid-quarter convention.

This article applies to:

  • Product: Fixed Assets CS
  • Return type: 1040 Individual, 1120 Corporation
  • Subject: Depreciation
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