useful life

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Useful life

The expected period of time during which a depreciating asset will be productive.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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.
Meanwhile, the need to reconsider the estimated remaining useful lives and salvage values of depreciable assets, particularly in connection with periodic impairment assessments, was reinforced in paras.
Estimated useful lives of depreciable hospital assets; rev.
ACRS permits recovery of capital costs for most tangible depreciable property using accelerated methods of cost recovery over predetermined recovery periods generally unrelated to, but shorter than, present law useful lives. [S.
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., Dexter, Mich.
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. Winners are selected from three award categories: system level, sub-system level, and component level.
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. Instead, these economists argue that new, yet to be developed technologies will do a much better job of combating global warming They say we should allow capital depreciation to proceed and phase in new technology as it becomes available.
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.