A precedent established by the United States Internal Revenue Service (IRS) in order to simplify the recording of asset depreciation for businesses. According to the mid-month convention, a business may record a depreciable asset that was disposed of during a given month as having been disposed of at the mid-point of that month, instead of requiring the exact day for calculating depreciation.
Related information about mid-month convention:
- What is the mid-month convention? - Questions & Answers ...
Nov 23, 2010 ... The mid-month convention states that, no matter when you purchase a fixed asset in a month, you assume that it was purchased in the middle ...
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In depreciation, the mid-month convention means that an asset placed into service during a given month is assumed to have been placed into service in the ...
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The mid-month convention treats all property placed in service or disposed of during a month as placed in service or disposed of at the midpoint of the month.
- Applicable convention - Wikipedia, the free encyclopedia
The second, the “mid-month convention,” assumes that all property placed into service, or disposed of, during any month was placed into service, or disposed of, ...
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mid-month convention definition: The accounting practice where, for purposes of depreciation, real property is placed in service or disposed of at the midpoint of ...
- Mid-Month Convention: Definition from Answers.com
In taxation, with respect to depreciating residential and nonresidential real property, convention whereby property is deemed placed in service or disposed.
- When Does Depreciation Begin?
The mid-month convention. Nonresidential real estate (a classification that includes home offices) must be depreciated using a mid-month convention. That is ...
- What is mid-month convention? definition and meaning
Definition of mid-month convention: A precedent established by the United States Internal ... According to the mid-month convention, a business may record a ...