Wear and Tear

Wear and Tear means:
the decline in value or physical deterioration of property as the ordinary result of use, weathering, and age. Income tax systems usually allow deductions in calculating the profits of a business using buildings, plant and machinery which are subject to wear and tear in the course of the business. Contrast depreciation; physical depreciation.

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.

State Income Tax