QUESTION 10 y 1 poi A taxpayer places in service the following used properties d

Question

QUESTION 10 y 1 poi A taxpayer places in service the following used properties during the year: Type of property Date placed in service Machinery Equipment Warehouse Cost 55,000 October 25 534,000 November 8 160,000 March 17 The taxpayer elects to expense the maximum amount of Section 179 expense allowed in 2017 and elects to apply Section 179 to the equipment. For purposes of determining whether the half-year or mid-quarter convention applies, the percentage of property placed in service in the fourth quarter is: 43.1 %. 30.4%. 0770%. o 90.5% 20.6%

Explanation / Answer

Percentage of property placed in service in fourth quarter Type of property Date placed in service Cost Sec 179 deduction Remaining Basis Percentage Machinery 17-Mar 55000 - $55,000 23% Equipment 25-Oct 534000 510000 $24,000 10% Warehouse 8-Nov 160000 - $160,000 67% $239,000 100% Percentage of peroperty placed in service in fourth quarter is 77% (10% + 67%)

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