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..
Midnight is considered 12:00:00 AM and 00:00:00 on the 24-hour time clock. Noon is considered 12:00:00 PM and 12:00:00 on the 24-hour time clock. The easiest way to rationalize this is that 12:00, 12:01, 12:02 are the first minutes of the day and consecutive so they are all AM. The last minute and second of the day is 11:59:59 PM after which it becomes AM.