useful life


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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 ?
To watch, teach, "form" little Flora would too evidently be the making of a happy and useful life.
On the very night after his capture the aneurism burst, and he was found in the morning stretched upon the floor of the cell, with a placid smile upon his face, as though he had been able in his dying moments to look back upon a useful life, and on work well done.
Along the path of a useful life, Will heartsease ever bloom.
Cato says that the profits of agriculture are particularly pious or just (maximeque pius quaestus), and according to Varro the old Romans "called the same earth Mother and Ceres, and thought that they who cultivated it led a pious and useful life, and that they alone were left of the race of King Saturn.
If, when I tell you, dearest dear, that your agony is over, and that I have come here to take you from it, and that we go to England to be at peace and at rest, I cause you to think of your useful life laid waste, and of our native France so wicked to you, weep for it, weep for it
It is an inspiring sight when one stands on the platform there and sees before him eleven or twelve hundred earnest young men and women; and one cannot but feel that it is a privilege to help to guide them to a higher and more useful life.
In Situation 3, the work involved replacements of major components and significant portions of substantial structural parts that materially increased the airframe's value and substantially prolonged its useful life.
Hard alpha inclusions can form crack initiation sites in these components that can significantly affect their remaining useful life or lead to catastrophic failure.
However, a change in useful life under one of the amortization methods described in the revenue procedure is not a change in accounting method.
The county's sole operating landfill will reach the end of its useful life before the revenue bonds mature.
The purpose of this procurement is to obtain an assessment of: 1) the expected useful life of (50) Motorola XTL 2500 VHF Base stations and approximately (100) Motorola APX digital hand held radios that are currently deployed throughout Tanzania; and 2) the quantities of spare and replacement parts recommended for the sustainment of (100) Motorola XTL 2500 VHF Base stations and approximately (150) Motorola APX digital hand held radios that are currently deployed throughout Tanzania for the expected useful life.
Land preparation costs with a limited useful life can be depreciated, provided they are not inextricably associated with the land.