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Feature/Report how To Determine if the Mid-Quarter (MACRS MQ) Convention applies to assets.

in Assets 7 comments

Summary:

Depreciation for Federal Income Tax purposes in the U.S. requires that corporations determine the percentage of their assets that were acquired in the last quarter of the corporation's tax year. If this percentage is greater than 40%, all assets placed in service for the year in question must use mid-quarter convention for Federal Income Tax depreciation.

Our client has requirement to menu option/Report in Oracle that allow to run the Mid Quarter Convention test and if any asset qualifies, apply the mid quarter convention.

In Current legacy Infinium system, our client run this test to run at the end of each fiscal year when all additions are in. This test determines if assets installed more than 40% of personal property in the last quarter of the year.

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