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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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babycat
13:06
Ehh I think schools will prob release information on their YM applicants first before they even get to RD
babycat
13:06
I wouldn’t expect RD applicants to hear anything until after Thanksgiving bc they prioritize YM so heavily
HopefullyInLawSchool
13:06
I heard theyll do that at LSU but not 100% sure
2big2fail
13:09
berkeley status checker is so funny
13:11
berk today will be Huge if it happens
2big2fail
13:12
i think berkeley next wave will be in december
13:13
that is probable i just have a funny where i say “berk today” every single day
2big2fail
13:13
makes sense
@JumpySubsequentDolphin: TODAY IS OUR DAY also 1pm est or pst?
JumpySubsequentDolphin
13:14
YEAHHH SPLITTY. also PST
yo mama jokes will never not be funny
everyone trying to YM each other but no JM... damn :/
AHAHAHAAH
i'm lying in wait dw
if no gtown today i'm crashing out so bad yall don't even know
i will not be racist or say slurs tho unlike Some people
how bad on a scale of wild- evol bunny
HAHAHAH
BulbasaurNoLikeCardio
13:20
Evol bunny said they are dropping out and done with LS, they are too good for it so likely will never see the melt downs again
Dkk
13:20
@SplitterusClitterus: 11:22:24 PST, so in about an hour.
Dkk
13:21
Adios EvolBunny then
yall saw the shit at gtown rn w the pregnant 2l
Dkk
13:22
@HopefullyInLawSchool: Lol
babycat
13:22
we have one local rep who didn’t get reelected bc she went on a podcast and said some crazy shit about jewish people
insane
13:22
@HopefullyInLawSchool: that is so unfair its insane that people have to go through that
theres a student that is literally having a baby and the admin denied her request for a test extension, and told her to come in the day after she gave birth to take the exam w her baby
come in the DAY AFTER SHE GIVES BIRTH
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