Simple English definitions for legal terms
Read a random definition: declaratory relief
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.
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.
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.