Legal Definition and Related Resources of Salvage Value
Meaning of Salvage Value
For income tax purposes, it is a value which property used in the production of income has after it is no longer useful to the taxpayer . The salvage value is estimated when the asset is first subject to depreciation allowance . The amount is determined by the amount the asset would bring on resale or its value to the owner either for its earning capacity or pleasure it brings.
Financial Definition of Salvage Value
Scrap value of plant and equipment.
Related Entries of Salvage Value in the Encyclopedia of Law Project
Browse or run a search for Salvage Value in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Salvage Value in Historical Law
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Legal Abbreviations and Acronyms
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Related Legal Terms
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United States Tax Concept of Salvage Value
The estimated amount an asset is worth at the end of its useful life. Salvage value is ignored by ACRS and MACRS rules.