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ACRS |
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ACRS
Accelerated Cost Recovery System An accounting technique formerly used in the United States to tax a tangible asset based upon its estimated depreciation. The estimated depreciation bore only a rough relationship to an asset's actual life, and was designed to decrease the taxation in the early years of an asset's ownership. ACRS was instituted by the Economic Recovery Act of 1981 and amended in 1986 to create the Modified Accelerated Cost Recovery System. See also: Absolute Physical Life. ACRS See accelerated cost recovery system. Accelerated Cost Recovery System (ACRS) The system of depreciation mainly used for property placed in service after 1980 and before 1987. ACRS is also used for certain property placed in service after 1986 that is acquired from a related party who used the property before 1987. See Modified Accelerated Cost Recovery System (MACRS) for property placed in service after 1986. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| ? Mentioned in | ? References in periodicals archive | |
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It
allows taxpayers to apply the proposed repair allowance method to all of
its property not already subject to some other repair allowance
election, regardless of whether those assets are otherwise MACRS, ACRS,
or pre-ACRS property. 1250
properties or nonresidential realty placed in service under ACRS and
subject to accelerated cost recovery. The ACRs derived
from monthly admissions are relatively constant throughout the duration
of observation (Figure 1b,d,f). |
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