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Simple English definitions for legal terms

salvage value

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A quick definition of salvage value:

Salvage value is the amount of money you can get for something when it's no longer useful to you. For example, if you have a car that's too old to drive, you might sell it for its salvage value. This value is used to determine how much you can deduct for depreciation on your taxes. It's also used in some contracts to determine what happens when something is no longer needed.

A more thorough explanation:

Definition: The value of an asset after it has become useless to the owner; the amount expected to be obtained when a fixed asset is disposed of at the end of its useful life.

Example: A company purchases a machine for $10,000 and estimates that it will have a useful life of 5 years. After 5 years, the machine is no longer useful and the company estimates that it can sell it for $1,000. The salvage value of the machine is $1,000.

This example illustrates how the salvage value is the amount that can be obtained when a fixed asset is disposed of at the end of its useful life. In this case, the machine has no more use to the company and they estimate that they can sell it for $1,000, which is the salvage value.

salvage service | salva substantia

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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
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
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