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The second, the “mid-month convention,” assumes that all property placed into service, or disposed of, during any month was placed into service, or disposed of, at the midpoint of that month. (§ 168(d)(4)(B)) Section 168(d)(2) tells a taxpayer when it is appropriate to use the mid-month convention.
Real property is considered placed in service in the middle of the month in which acquired ("mid-month convention"). Special rules apply for pro rating deductions for short tax years and for the first year of business, or where more than 40% of tangible personal property additions are in the final quarter of the year.
Under § 168(d)(3) of the Federal Income Tax Code, if a taxpayer purchases a lot of depreciable assets in the last three months of the taxable year, they may be forced to use the less beneficial "mid-quarter convention". This convention treats such property as placed into service in the midpoint of the last quarter of the taxable year.
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The conventions are distinguished by the manner in which they adjust Date1 and/or Date2 for the end of the month. Each convention has a set of rules directing the adjustments. Treating a month as 30 days and a year as 360 days was devised for its ease of calculation by hand compared with manually calculating the actual days between two dates.
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related to: mid month convention form 4562 2021 instructions sheet version