Statements i and ii are both correct statements

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Unformatted text preview: purchased from an unrelated party. a. b. c. d. I only. II only. Both I and II. Neither I nor II. CPA-02032 Explanation Choice "c" is correct. To qualify for IRC Section 179, the property must be tangible personal property acquired by purchase from an unrelated party for use in the active conduct of a trade or business. Statements I and II are both correct statements concerning the criteria for property to qualify under IRC Section 179. CPA-02044 Type1 M/C A-D Corr Ans: C PM#20 R 3-01 12. CPA-02044 ARE Nov 95 #5 Page 26 Data Corp., a calendar year corporation, purchased and placed into service office equipment during November 1994. No other equipment was placed into service during 1994. Under the general MACRS depreciation system, what convention must Data use? a. b. c. d. Full-year. Half-year. Mid-quarter. Mid-month. CPA-02044 Explanation Choice "c" is correct. When a taxpayer places 40% or more of its property (other than certain qualifying real property) into service in t...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.

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