Accelerated Cost Recovery System
Meaning of Accelerated Cost Recovery System in the United States Tax System
This method of depreciation was first introduced by the Economic Recovery Tax Act of 1981 and modified by the Tax Reform Act of 1984. Other enactments were issued later. The Accelerated Cost Recovery System (ACRS) rules or accounting principles were generally applicable to most tangible personal property placed in service between January 1, 1981, and December 31, 1986, because of replacement from 1987. These rules changed (see below). According to the U.S. Internal Revenue Service, ACRS “depreciation” was determined, not by useful life, but by recovery periods of 3, 5, 10, 15, 18, or 19 years as predetermined by the IRS. ACRS was replaced by the modified accelerated cost recovery system for assets placed in service from 1987. The rules were regulated by former IRC (check for IRC provision validity in general here)§168.
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What is Accelerated Cost Recovery System?
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Concept of Accelerated Cost Recovery System (acrs) in the context of Real Property
A short definition of Accelerated Cost Recovery System (acrs): A portion of the Economic Recovery Act of 1981 which allowed shorter depreciation of both real and personal property, did not distinguish between new and used property, and disregarded salvage value.
Concept of Accelerated Cost Recovery System (acrs) in the context of Real Property
A short definition of Accelerated Cost Recovery System (acrs): A portion of the Economic Recovery Act of 1981 which allowed shorter depreciation of both real and personal property, did not distinguish between new and used property, and disregarded salvage value.
Meaning of Accelerated Cost Recovery System
In this law dictionary, the legal term accelerated cost recovery system is a kind of the Property, Securities class.
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