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Simple English definitions for legal terms

Modified Accelerated Cost Recovery System

Read a random definition: excess-profits tax

A quick definition of Modified Accelerated Cost Recovery System:

Modified Accelerated Cost Recovery System (MACRS) is a way of calculating how much a business can deduct from their taxes for the cost of buying and using assets like equipment or property. It allows businesses to recover the cost of these assets over a set period of time, which is usually shorter than the actual lifespan of the asset. This system helps businesses save money on their taxes and encourages them to invest in new equipment and property.

A more thorough explanation:

The Modified Accelerated Cost Recovery System (MACRS) is a method of depreciation used for tax purposes in the United States. It allows businesses to recover the cost of certain assets over a specified period of time, typically through annual deductions on their tax returns.

For example, let's say a business purchases a piece of equipment for $10,000. Under MACRS, the business can deduct a portion of the cost each year for a set number of years, rather than deducting the entire cost in the year of purchase. The specific deduction amounts and time periods depend on the type of asset and its useful life.

MACRS is designed to encourage businesses to invest in new equipment and other assets by providing tax incentives. By spreading out the cost of an asset over several years, businesses can reduce their taxable income and potentially lower their tax liability.

modification order | modified-comparative-negligence doctrine

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General

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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
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
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