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Simple English definitions for legal terms

Accelerated Cost Recovery System

Read a random definition: asset-depreciation range

A quick definition of Accelerated Cost Recovery System:

Accelerated Cost Recovery System: A way of calculating how much an asset (like a machine or a building) is worth over time. It lets people recover the cost of the asset faster by saying it will be useful for a shorter amount of time than before. This system was used for assets put into service from 1981 to 1986 and was replaced by a newer system in 1986.

A more thorough explanation:

The Accelerated Cost Recovery System (ACRS) is an accounting method used to calculate asset depreciation. It allows for the faster recovery of costs by assigning the asset a shorter useful life than was previously permitted under the Internal Revenue Code.

For example, if a company purchases a machine for $10,000 and the useful life of the machine is 10 years, traditional depreciation would allow for a deduction of $1,000 per year. However, under ACRS, the company may be able to deduct a larger amount in the earlier years of the machine's life, resulting in a faster recovery of costs.

ACRS applies to property put into service from 1981 to 1986 and was replaced in 1986 by the Modified Accelerated Cost Recovery System (MACRS).

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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