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LSDefine

Simple English definitions for legal terms

depreciable asset

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A quick definition of depreciable asset:

A depreciable asset is something that a person or business owns that helps them make money and lasts for more than a year. Over time, the value of the asset goes down and the owner can get some money back for this loss. This is allowed by the government's tax rules.

A more thorough explanation:

A depreciable asset is a type of physical asset that is used for generating income or profit and has a useful life of more than a year. Over time, the value of the asset gradually reduces, and it is eligible for depreciation treatment under tax laws in accordance with the Internal Revenue Service rules.

For example, a company purchases a delivery truck for $50,000. The truck is expected to last for five years and will be used for delivering goods to customers. The company can claim compensation for the loss in the value of the truck over the five-year period, which is known as depreciation.

Another example is a manufacturing plant that is used for producing goods. The plant has a useful life of 20 years, and the company can claim depreciation on the plant over the 20-year period.

These examples illustrate how depreciable assets are used for generating income or profit and have a useful life of more than a year. They also show how the value of the asset gradually reduces over time, making it eligible for depreciation treatment under tax laws.

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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
AHHAHAHAHAHAHHAHAHAHAHAHAH
@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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