Option B. The way that Robert would eliminate the requirement to use the mid-quarter convention B.Claim the Section 179 deduction for the delivery truck.
<h3>What is meant by mid-quarter convention?</h3>
According to the mid-quarter convention, a company that purchases fixed assets during a reporting quarter should treat them as though they were purchased at the halfway point of the quarter.
When the total depreciable basis of MACRS property placed in service during the final three months of the client's tax year exceeds 40% of the total depreciable basis of all MACRS property placed in service throughout the entire year, you must utilize the mid-quarter convention.
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Robert placed the following assets into service for his packing and shipping company this year: April 3: Desk with a basis of $1,100. July 30: Computer software with a basis of $4,200. October 30: Delivery truck with a basis of $33,000. All assets were used exclusively for business purposes. How may Robert eliminate the requirement to use the mid-quarter convention?
A.Claim the special depreciation allowance for the computer software.
B.Claim the Section 179 deduction for the delivery truck.
C.Elect to expense the desk on the tax return in accordance with the de minimis safe harbor of the tangible property regulations.
D.Use the ADS system to depreciate the truck and the desk.
