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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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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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