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LSDefine

Simple English definitions for legal terms

useful life

Read a random definition: National Economic Council

A quick definition of useful life:

Term: Useful life

Definition: Useful life refers to the amount of time that a piece of property can be used to generate income in a business or income-producing activity. This is an estimate of how long the property will be useful and productive before it needs to be replaced or retired. For example, a computer used in a business may have a useful life of five years before it becomes outdated and needs to be replaced.

A more thorough explanation:

Definition: Useful life refers to the estimated duration (in months or years) during which a depreciable asset is expected to be in use and generate income when utilized in a trade, business, or income-generating activity.

Example: A company purchases a delivery truck for $50,000. The estimated useful life of the truck is 5 years. After 5 years, the company expects to sell the truck for $10,000. Therefore, the company will depreciate the truck by $8,000 per year ($50,000 - $10,000 = $40,000 / 5 years = $8,000 per year).

Explanation: The example illustrates how useful life is used to calculate the depreciation of a depreciable asset. In this case, the useful life of the delivery truck is estimated to be 5 years, after which the company expects to sell it for $10,000. The company will then depreciate the truck by $8,000 per year over the 5-year useful life of the truck.

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THATS SO FUNNY
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
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