useful life

(redirected from Useful Lives)

Useful life

The expected period of time during which a depreciating asset will be productive.

Useful Life

The amount of time, as determined by the IRS, that an asset is expected to be used. The useful life is important in determining taxes assessed on the depreciated value of the asset each year. Theoretically, an asset's useful life is equal to its absolute physical life, but, because the useful life is an estimation, this is not always the case.

useful life

(1) In accounting and taxation,the time period over which an asset is depreciated.(2) In appraisal,the time period during which one can expect a positive cash flow from a property.

References in classic literature ?
For more than twenty years we have led peaceful and useful lives, and we hoped that our past was forever buried.
The life extension programme consists of a series of structural upgrades and monitoring features which allow owners to lengthen the useful lives of their turbines from 20 to 30 years of guaranteed safety and availability.
Estimated useful lives of depreciable hospital assets; rev.
It is clear from these statements that Congress intended to do away with the prior system of depreciation based on useful lives and salvage value as provided under Regs.
As cell phone usage gains popularity in the United States, and all over the world, recyclers are faced with a number of challenges in recycling the phones at the end of their useful lives, according to Mike Newman, vice president of marketing and special products for ReCellular Inc.
Finnish-Swedish telecomms group TeliaSonera AB said on Thursday (16 March) that it had performed a group-wide review of the useful lives of intangible and tangible assets.
DoD uses PBL to improve weapons systems readiness by using the best mix of DoD and industry resources to operate and maintain weapons systems at reduced cost over their useful lives.
The useful lives of certain intangible assets will surprise some CPAs given the way Statement no.
Accordingly, any acquired intangible assets, such as assets, that have a "separable" identifiable value as well as a "finite" life-span must now be reported separately from goodwill, properly valued and then amortized over their useful lives.
Specifically, coal-fired power plants and inefficient vehicles would have to be eliminated before the end of their useful lives.
CPSC enforcement officials had pressed for a "free repair" rather than a rebate, but GE contended the dishwashers were past their useful lives and a "free repair" was not in the consumer's interest.
If government regulators can force the "repair" of products that are well beyond their expected useful lives in the name of safety, consumers may find the price of new appliances skyrocketing.