Salvage Value

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

You might be interested in the historical meaning of this term. Browse or search for Salvage Value in Historical Law in the Encyclopedia of Law.

Legal Abbreviations and Acronyms

Search for legal acronyms and/or abbreviations containing Salvage Value in the Legal Abbreviations and Acronyms Dictionary.

Related Legal Terms

You might be also interested in these legal terms:

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.



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