Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

useful life

Read a random definition: casual labor

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 For example, a computer used in a business may have a useful life of five years before it becomes outdated and needs to be replaced.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.

use tax | usefulness

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
10:01
good morning y'all
Morning
10:37
Gecko, I feel pretty good. Two of the RC passages had really tough inference questions -- hoping I narrowed down my answer choices correctly
10:38
Very happy with LR other than having to guess on a couple questions cuz of time
10:42
i have a question about my personal statement. in my activism for the hospitality workers' union, i organized and spoke up in favor of stronger regulations on airbnb because the unregulated spread of airbnb throughout LA was inflating housing costs for workers and threatening their job security. do you think it's too divisive to mention regulating airbnb? idk
Nostradumbass
10:44
I wrote mine about how all activists should be consolidated into a large smelting pot and refined down to a viscous goo
Nostradumbass
10:45
Expecting a lot of rejections though
11:07
I'm sure you'll get a full ride to a few schools :P
11:11
The impression I get is most schools try not to judge based on the political implications of what you write about. They probably care more that you saw a problem and tried to fix it. That seems like a great thing to write a PS about @chowie
11:18
Besides, if a school didn’t let you in for trying to fix a problem you saw in your community, that doesn’t say great things about your school’s culture (assuming the thing you did showed good common sense judgment ofc)
11:19
That school’s* culture
11:23
Thanks Howl you're right :D I def talked about solving problems in my PS
12:03
@HowlEngineer: what's your dream school
MildChiller
12:08
"Have you applied for admission to [school] in a prior year" I applied in Oct. of the 23-24 cycle, should I put 23 or 24 as the year I applied?
MildChiller
12:09
Bcuz 2023 is when I technically applied but I applied for admissions in 2024
12:14
2024 cuz that's when you would've been admitted
I agree with Howl
12:19
Gecko what's ur dream school
Hard to say. I'm pretty firmly committed to the philly area so probably temple or villanova
Also relatively debt averse so I'd have to get a good scholarship from BC or Fordham to want to go but that's not very likely for me
Any advice? lol
[] baddestbunny
12:25
what’s a good scholarship for you? what would make BC or Fordham worth it?
12:25
Hmmmm let me think
[] baddestbunny
12:25
fordham’s max aid they give is 45k per year
Bunny I can possibly get a 75%+ scholarship from villanova or temple, and I'd be moving back in with my parents if I went there so I'd have near-zero COL. It'd be really hard to beat that
I would prefer BC over Fordham just because I like boston more, but I'm expecting a WL there tbh
I would maybe consider BC with $ but I don't know how to decide if a better biglaw chance is worth the COL + higher tuition
12:50
How do I know if my status checkers are properly linked
12:59
@ChowieBean: right now, Michigan, but there are several that come close. How about you?
13:05
@Law01: I haven't gotten the status checkers to work at all. When I sent an email to the LSData folks the other week, they said they were working on fixing them
LSD+ is ad-free, with DMs, discounts, case briefs & more.