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Posted by MTW on June 6, 2007, 4:39 pm
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> I pointed out that Publication 946 clearly states that real
> property should use the mid-month convention and this works
> out nicely for me in the short tax year. The tax preparer
> says there is no table for fifteen year mid-month so they go
> to Chart 1 and use half year or sometimes mid-quarter. I say
> the heading on Chart 1 says use Chart 2 for real property.
> They say there is no fifteen year in Chart 2. I say so you
> calculate which is easy for mid-month.
Don't get hung up reading the publications (they aren't
"authoritative"). Instead, read the regs under IRC 168. I
believe you will find that, in so many words, they define
"real property" FOR THIS PURPOSE as something having a
recovery period of 27.5 years or longer. So, I would
conclude that the MM convention is simply not available for
the 15 year recovery period.
MTW
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