How is cost recovery computed for an asset, in the year it is placed in service, when the mid-quarter convention applies? Enter numerical values as a decimal to one decimal place, if required (i. e. 8.5). If more than % of the value of property, other than is placed in service during quarter of the year, the mid-quarter convention applies. Based on when the asset is placed in service, the first quarter is allowed months of cost recovery; the second quarter is allowed months of cost recovery; the third quarter is allowed months of cost recovery; and, the fourth quarter is allowed months of cost recovery.
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How is cost recovery computed for an asset, in the year it is placed in service, when the mid-quarte...
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