Example. A, a calendar-year taxpayer, has a $3,000 carryover of disallowed deduction for an item of section 179 property purchased and placed in service in 1991. In 1992, A purchases and places in service an item of section 179 property costing $25,000.1) In general. Under section 179(d)(8) and Â§ 1.179-2(c), a partner may have a carryover of disallowed deduction with respect to the cost of section 179 property elected to be expensed by the partnership and allocated to the partner.
The American Heritage Dictionary of the English Language has a usage note on this topic: By convention, 12 AM denotes midnight and 12 PM denotes noon. Because of the potential for confusion, it is advisable to use 12 noon and 12 midnight..
In the case of a digital clock that displays the nearest minute, 12:00 AM means the minute following midnight, because except for the first instant of that minute, it is less than 12 hours before the next midnight noon and more than 12 hours after the preceding midnight noon.