Regarding Multiple Prorate Convention in Tax Books
Hi
We have a requirement to setup Tax books with the below asset categories
Computer Equipment : 5 yr MACRS Half year convention
Qualified Leasehold improvement : 15 Yr STL Half year convention
Non Qualified Leasehold improvement : 39 year STL Mid Month Convention
Below are the queries with regards to these setups
1. While setting up the asset categories , do we need to enter different prorate convention & retirement convention as Half year , Half year , Mid-Month for above 3 respectively ?
2. To achieve Mid Month convention , do we need to implement a 24 period prorate calendar ?
3. In such case of 24 period prorate calendar , do we need to modify the seeded MACRS 5 Half year convention so that it contains 24 periods ?