Obsolesce

obsolescence

obsolescence : a loss in the utility or value of property that results over time from intrinsic limitations (as outmoded facilities) or external circumstances NOTE: Obsolescence is usually distinguished from depreciation and physical deterioration. eco·nom·ic obsolescence : obsolescence that results from external factors (as location) that render a property obsolete, no longer competitive, unattractive to purchasers or investors, or of decreasing usefulness [claimed that the appraisal failed to account for economic obsolescence resulting from an adjacent waste facility] func·tion·al obsolescence [fək-shə-nəl-] : obsolescence deriving from a lack of adequate or appropriate equipment, space, or design ...

economic obsolescence

economic obsolescence see obsolescence ...

functional obsolescence

functional obsolescence see obsolescence ...

To become obsolescent...

depreciation

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 ...

carriage house

a small building usually near a large residence or part of an estate used for keeping coaches carriages or other vehicles also called coach house It is now 1998 obsolescent and its function has been taken over by the garage which is usually attached to a residence or main building Carriage houses are still found on older estates though not usually used for their original purpose...

Obsolescence

The state of becoming obsolete...

Obsolescent

Going out of use becoming obsolete passing into desuetude...

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)....

Royal forests

Royal forests. A hunting territory for the King's princely delight and pleasure. Its boundaries are ascertained by record, or prescription; formerly administered by laws and officers belonging to the forest, with special courts and a particular law. These were obsolescent as long since as the end of the sixteenth century. Control and jurisdiction are now vested in the Commissioners of Crown lands. See Crown Lands Acts, 1851 and 1866, and Forestry Acts, 1919 (9 & 10 Geo. 5, c. 58), and 1927 (17 Geo. 5, c. 6); and see Manwood's Forest Laws and Halsb. L.E., tit. 'Constit. Law....

Obsolesce - Law Dictionary Search Results