Mid-Quarter Convention

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A method in which the owner of some asset is allowed one half-quarter of depreciation in the quarter that the asset is purchased or sold (or otherwise disposed of). That is, the mid-quarter convention treats assets purchased or sold any time during a quarter as having been purchased or sold on the day half-way through that quarter. In general, one uses the mid quarter convention if the cost basis of assets purchased or placed in service during the fourth quarter of the year is greater than 40% of the total basis of all property purchased or placed in service that year.

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