[Anonymous]

Hi. Could anyone help me with when to apply the midquarter convention? The only rule I can find stated is that the midquarter convention is used when 40% or more of the year’s property is placed into service in the last 3 months of the year. However, according to the answer on Becker R3 Sim 1 Question 4, there are times when the property is placed into year is prior quarters and the mid-quarter convention is used and other contradictions which I can’t match up with this stated rule. Does it matter if the property is MACRS 5 year property vs 7 year property or any other variables? Thanks!