Useful Life

Useful Life means:
the period of time over which a depreciable asset is expected to provide a competitive return. In other words, the period during which it is estimated that a depreciable asset will provide useful service to the business in which it is used. The modified accelerated cost recovery system allows for tax deduction purposes depreciable lives that are not necessarily related to the useful life of the property.

Description and Definition 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.

Resources

See Also

Further Reading

• Useful Life in the West's Tax Law Dictionary
• Useful Life in “A Dictionary of Taxation”