benjamin a calendar year taxpayer placed the following february 1 furniture 5000 august 5 machine 5500 october 7 equipment 12000 No Section179 deduction or bonus depreciation will be claimed which depreciation convention is Benjamin required to use for the furniture?
Based on the information given, since Benjamin is a calendar year taxpayer, he is required to use the Half-Year Convention for the furniture depreciation. This means that regardless of when the furniture was actually placed in service during the year, it will be treated as if it was placed in service on July 1st.
The Half-Year Convention allows taxpayers to depreciate the cost of the asset over a period of time, assuming it was used for half of the year.