In-service date definitionQuestion How do I determine the in-service date of an asset for tax purposes?
Answer The date any asset is ready and available for its specific use is the date it's considered to be put in service. For example, if on July 1 you take ownership and delivery of an apartment building that is ready to be occupied, that date is its in-service date.
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Author of J.K. Lasser's Small Business Taxes 2007
Related Categories: Accounting, Finance, Taxes
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