Legal Definition and Related Resources of Useful Life

For depreciation purposes, it is an estimate; length of the useful period of a depreciable asset as estimated with reasonable accuracy based upon evidence. R.S. Miller & Sons, Inc., v U.S., 537 F.2d 446, 210 Ct.Cl.431.

Browse or run a search for Useful Life 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.

Useful Life in Historical Law

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

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

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Mentioned in these terms

Composite Account Method.

United States Tax Concept of Useful Life

The estimate of time which depreciable business property is expected to be productive before actual, economic, or technological obsolescence. The IRS prescribes the useful life for ACRS and MACRS property.

Concept of Useful Life in the context of Real Property

Alternatives definitions of Useful Life: (1) In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner. (2) For tax purposes, the life set for depreciation. At any time during that period, a new life could begin for a new owner.

Concept of Useful Life in the context of Real Property

Alternatives definitions of Useful Life: (1) In appraisal for sale purposes, the true economic value of a building in terms of years of use to the owner. (2) For tax purposes, the life set for depreciation. At any time during that period, a new life could begin for a new owner.