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LSDefine
Simple English definitions for legal terms
service life
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A quick definition of service life:
Service life: The amount of time that something can be used before it is no longer useful. This can be different from the amount of time that it can be used for tax purposes.
A more thorough explanation:
Service life refers to the expected period of usefulness of an asset. This can vary depending on the type of asset and how it is used. It is important to note that the service life may not necessarily be the same as the depreciable life for income-tax purposes.
- A car may have a service life of 10 years, meaning it is expected to be useful for transportation for that period of time.
- A computer may have a service life of 5 years, after which it may become outdated and less efficient.
- A building may have a service life of 50 years, after which it may require significant renovations or even demolition.
These examples illustrate how different assets can have varying service lives. It is important for individuals and businesses to consider the service life of an asset when making purchasing decisions and planning for future expenses.