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Simple English definitions for legal terms

salvage value

Read a random definition: Housing and Urban Development (HUD)

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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19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
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
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