Asset Depreciation Range - Law Dictionary Search Results

Home Dictionary Name: asset depreciation range

asset depreciation range

asset depreciation range : a range of useful lives assigned to types of property under the Internal Revenue Code for purposes of depreciation ...

ADR

ADR 1 administrative dispute resolution, alternative dispute resolution 2 asset depreciation range ...

depreciation 1 : any decrease in the value of property (as machinery) for the purpose of taxation that cannot be offset by current repairs and is carried on company books as a yearly charge amortizing the original cost over the useful life of the property accelerated depreciation : the depreciation of property that was put into use prior to 1980 which is allowed at a faster rate than normal under the depreciation rules in force before the adoption of the Accelerated Cost Recovery System straight-line depreciation : depreciation of an asset by a fixed percentage of its original cost based on its estimated life 2 : a loss in the value of property due to physical deterioration and wear or to obsolescence and lack of adaptability ...

Depreciation

Depreciation, is an allowance for the diminution in the value due to wear and tear of capital asset employed by an assessee in his business, Union of India v. Savjiram, (2004) 9 SCC 312 (317).Means 'a decrease in value of property though wear, deterioration, or obsolescence, the allowance made for this in book-keeping, accounting, etc.' (Webster's New World Dictionary), Income Tax Commissioner v. Alps Theatre, AIR 1967 SC 1437 (1439). [Income Tax Act, 1922, s. 10(2)(vi)]It represents the diminution in value of a capital asset when applied to the purpose of making profit or gain, Workmen of National & Grindlays Bank Ltd. v. National & Grindlays Bank, AIR 1976 SC 611 (616)....

asset

asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...

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Asset Depreciation Range - Law Dictionary Search Results