ACRS
E1029410
ACRS is the Accelerated Cost Recovery System, a U.S. tax depreciation method introduced in the early 1980s to allow faster write-offs of capital investments.
Statements (36)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal tax provision
ⓘ
tax depreciation system ⓘ |
| abbreviationOf | Accelerated Cost Recovery System NERFINISHED ⓘ |
| administeredBy | Internal Revenue Service NERFINISHED ⓘ |
| appliesTo |
business property
ⓘ
capital investments ⓘ most tangible property placed in service after 1980 and before MACRS adoption ⓘ tangible depreciable property ⓘ |
| category | capital cost recovery ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| effectiveFromTaxYear | 1981 ⓘ |
| feature |
class lives assigned by statute rather than actual useful life
ⓘ
front-loaded depreciation deductions ⓘ shortened cost recovery periods compared to prior law ⓘ |
| fullName | Accelerated Cost Recovery System NERFINISHED ⓘ |
| impact |
accelerated timing of tax deductions for depreciation
ⓘ
temporary reduction of taxable income in early asset years ⓘ |
| introducedBy | United States Congress NERFINISHED ⓘ |
| introducedIn | early 1980s ⓘ |
| jurisdiction | United States federal income tax ⓘ |
| legalBasis | Economic Recovery Tax Act of 1981 NERFINISHED ⓘ |
| purpose |
accelerate depreciation deductions
ⓘ
encourage capital investment ⓘ reduce taxable income in early years of an asset’s life ⓘ |
| relatedTo |
Internal Revenue Code
NERFINISHED
ⓘ
MACRS NERFINISHED ⓘ capital expenditure ⓘ depreciation deduction ⓘ |
| replaced |
Asset Depreciation Range system
NERFINISHED
ⓘ
prior useful-life based depreciation rules ⓘ |
| replacedBy |
MACRS
NERFINISHED
ⓘ
Modified Accelerated Cost Recovery System NERFINISHED ⓘ |
| taxType | income tax ⓘ |
| timePeriod | 1980s U.S. tax law reforms ⓘ |
| uses |
accelerated depreciation methods
ⓘ
statutory recovery periods ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.