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Simple English definitions for legal terms

asset-depreciation range

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A quick definition of asset-depreciation range:

Asset-depreciation range is a term used in tax accounting to refer to the range of depreciation lifetimes allowed for assets placed in service between 1970 and 1980 and for assets depreciated under the Modified Accelerated Cost Recovery System under the Tax Reform Act of 1986. This means that when a company buys an asset, such as a machine or a vehicle, they can deduct a portion of the cost of that asset from their taxes each year. The asset-depreciation range determines how long the company can deduct that cost. The shorter the range, the faster the company can recover the cost of the asset.

A more thorough explanation:

Definition: Asset-depreciation range refers to the range of depreciation lifetimes allowed by the IRS for assets placed in service between 1970 and 1980 and for assets depreciated under the Modified Accelerated Cost Recovery System under the Tax Reform Act of 1986. It is abbreviated as ADR.

Accelerated Cost Recovery System: Accelerated Cost Recovery System 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. This system applies to property put into service from 1981 to 1986. It is abbreviated as ACRS.

Example: Let's say a company purchases a machine for $10,000. The IRS has assigned a useful life of 5 years to this machine. Under the straight-line method of depreciation, the company can deduct $2,000 ($10,000/5) each year for 5 years. However, under the Accelerated Cost Recovery System, the company can deduct a larger amount in the earlier years of the machine's life and a smaller amount in the later years. This allows the company to recover the cost of the machine more quickly.

Explanation: The example illustrates how the Accelerated Cost Recovery System allows for a faster recovery of costs by assigning a shorter useful life to the asset. This results in a larger deduction in the earlier years of the asset's life, which helps the company recover the cost of the asset more quickly.

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
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hey yall
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true i love ur user
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thank you my little crow friend
Dkk
18:50
Med law easy done
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Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
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Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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