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de·pre·ci·a·tion /di-ˌprē-shē-'ā-shən/ n1: any decrease in the value of property (as machinery) for the purpose of taxation that cannot be offset by current repairs and is carried on company books as a yearly charge amortizing the original cost over the useful life of the propertyaccelerated depreciation: the depreciation of property that was put into use prior to 1980 which is allowed at a faster rate than normal under the depreciation rules in force before the adoption of the Accelerated Cost Recovery Systemstraight–line depreciation: depreciation of an asset by a fixed percentage of its original cost based on its estimated life2: a loss in the value of property due to physical deterioration and wear or to obsolescence and lack of adaptability
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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index
contempt (disdain), criticism, damage, decline, decrease, denunciation, depression, deterioration, diatribe, disapprobation, disparagement, disregard (lack of respect), disrespect, revilement, stricture, wear and tear
Burton's Legal Thesaurus. William C. Burton. 2006
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A proportion of the value of capital assets is deducted on an annual basis to reflect, in theory, the rate at which their value diminishes over their useful life. The amount is then applied as a charge to the profit and loss account.
Easyform Glossary of Law Terms. — UK law terms.
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n.The process of spreading the cost of an asset over a period of years, deducting an allowance for wear and tear as the asset is used up or worn out.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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the accounting practice whereby the cost of a fixed asset is written off over the period of its expected useful life. The amount written off is a recognised deduction in computing the profits of a business, and the object of the exercise is that such amounts will provide a fund to finance the asset's replacement when the time comes. Statutory recognition of this practice is given in the Capital Allowances Act 1991, which permits the cost of most capital assets acquired by a business to be written off (straight-line depreciation) for income tax and corporation tax purposes over a period of 20 years.
Collins dictionary of law. W. J. Stewart. 2001.
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The actual or theoretical gradual loss of value of an asset (particularly business equipment or buildings) through increasing age, natural wear and tear, or deterioration, even though the item may retain or even increase its replacement value due to inflation. Depreciation may be used as a business deduction for income tax reduction, spread out over the expected useful life of the asset (straight line) or at a higher rate in the early years of use (accelerated).Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Personal Finance & Retirement → Taxes → Tax AuditsCategory: Real Estate & Rental Property
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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An accounting concept which is the measure of the wearing out, consumption or other reduction in the useful economic life of a fixed asset (fixed assets), whether arising from use, effluxion of time or obsolescence through technological or market changes. The useful economic life is the life over which the owner of an asset will derive economic benefits from its use.Related links+ depreciationUSAAn annual deduction that allows a taxpayer to recover its basis in certain business or investment property over a specified number of years. Generally, a taxpayer can depreciate tangible property such as buildings, machinery, vehicles, furniture, and equipment; and intangible property such as patents, copyrights, and computer software. However, a taxpayer cannot depreciate land.See also
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n. A decline in the value of an asset over time, due to its increasing obsolescence or the wear and tear due to its use; a deduction on an income tax return of part of the asset's cost, transforming its declining value into a benefit for the taxpayer.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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The gradual decline in the financial value of property used to produce income due to its increasing age and eventual obsolescence, which is measured by a formula that takes into account these factors in addition to the cost of the property and its estimated useful life.
Dictionary from West's Encyclopedia of American Law. 2005.
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The gradual decline in the financial value of property used to produce income due to its increasing age and eventual obsolescence, which is measured by a formula that takes into account these factors in addition to the cost of the property and its estimated useful life.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.the actual or theoretical gradual loss of value of an asset (particularly business equipment or buildings) through increasing age, natural wear and tear, or deterioration, even though the item may retain or even increase its replacement value due to inflation. Depreciation may be used as a business deduction for income tax reduction, spread out over the expected useful life of the asset (straight line) or at a higher rate in the early years of use (accelerated).
Law dictionary. EdwART. 2013.
