Tronco Inc. placed in service a truck costing $40,000 on January 15 of this year. On November 1, the company placed in service $200,000 of construction equipment. Tronco is a calendar-year taxpayer. When calculating MACRS depreciation, Tronco must apply the mid-quarter convention to the construction equipment, but will use the half-year convention for the truck.
Answer the following statement true (T) or false (F)
False
Fourth quarter additions of personal property totaling more than 40% of total personal asset additions for the year will require the taxpayer to use the mid-quarter convention for all current year personal property additions.
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Under the Age Discrimination in Employment Act of 1967, when an older worker is laid off as part of a restructuring, he or she must present evidence that the layoff was motivated by age bias.
Answer the following statement true (T) or false (F)