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LSDefine

Simple English definitions for legal terms

MACRS

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A quick definition of MACRS:

MACRS: A system used in the United States to calculate how much an asset has lost value over time for tax purposes. It helps individuals and businesses deduct more money from their taxes at the beginning of an asset's life, and less later on. This system replaced an older one in 1986 and applies to property placed into service after that year.

A more thorough explanation:

MACRS stands for modified accelerated cost recovery system. It is a tax depreciation system used in the United States to calculate asset depreciation. This system replaced the Accelerated Cost Recovery System (ACRS) in 1986 and applies to property placed into service after 1986.

MACRS depreciation allows the capitalized cost of an asset to be recovered over a period, specified in the Internal Revenue Code, via annual deductions. This means that individuals and businesses can deduct a portion of the cost of an asset each year for tax purposes.

MACRS allows for greater accelerated depreciation over longer time periods, which is beneficial to individuals and businesses as it allows them to deduct greater amounts at the beginning of an asset’s life, and relatively less later on. For example, a business may purchase a new piece of equipment for $10,000. Under MACRS, they may be able to deduct $2,000 in the first year, $3,200 in the second year, $1,920 in the third year, and so on.

Overall, MACRS is a tax benefit that allows individuals and businesses to recover the cost of an asset over time, reducing their taxable income and potentially lowering their tax liability.

M.O. | magistrate

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medicine is a scam
join the ethically ambiguous legal field instead
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
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
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
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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