Legal Definition and Related Resources of Composite Account Method

For income tax purposes, all of property items utilized by taxpayer in its operation are grouped into one account and one composite rate of depreciation is applied to the group with the rate based on the average useful life of all property included in the group and applied to average of beginning and ending balance of asset account for the taxable year. Conn. Light & power Co. v U.S., 368 F.2d 233, 177 Ct. Cl. 395.

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Composite Account Method in Historical Law

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