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..
Since noon is neither before noon nor after noon, a designation of either a.m. or p.m. is incorrect. Also, midnight is both twelve hours before noon and twelve hours after noon. It is fair to say, however, that the shortest measurable duration after noon should be designated as p.m. For example, it would be applicable for a digital clock changing from 11:59:59 a.m. to 12:00:00 to indicate p.m. as soon as it the 12:00 appears, and not delay the display of the p.m. by a minute, or even a second. The same is true for midnight, but there is an added issue of which day midnight refers to (see below).