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LSDefine

Simple English definitions for legal terms

ACRS

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A quick definition of ACRS:

ACRS stands for Accelerated Cost-Recovery System. It is a method used by the government to calculate how much a business can deduct from their taxes for the depreciation of their assets. Basically, it allows businesses to deduct more from their taxes in the earlier years of an asset's life, which can help them save money.

A more thorough explanation:

ACRS

ACRS stands for Accelerated Cost-Recovery System. It is a method used by the IRS to calculate the depreciation of assets for tax purposes. Under ACRS, assets are depreciated more quickly in the early years of their useful life, which allows businesses to deduct more of the cost of the asset from their taxable income in those years.

For example, let's say a business purchases a new piece of equipment for $10,000. Under ACRS, the business may be able to deduct $2,000 from their taxable income in the first year, $3,200 in the second year, and so on, until the full cost of the equipment has been deducted.

Another example would be a building that a business purchases for $500,000. Under ACRS, the business may be able to deduct a larger portion of the cost in the early years of ownership, which can help to reduce their taxable income and lower their tax bill.

These examples illustrate how ACRS allows businesses to recover the cost of their assets more quickly, which can help to improve their cash flow and reduce their tax liability.

across-the-board | acta diurna

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im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
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