Accelerated cost recovery system. A system of depreciation in the tax law. It replaced traditional methods of depreciation starting in 1981. Under ACRS, costs of assets are deducted over certain preset periods. The amount of yearly depreciation and the time or useful life over which depreciation is taken depend on the class the property is placed in by the ACRS system (e.g., realty, equipment). See also “Modified accelerated cost recovery system.
Accelerated cost recovery system. Schedule of depreciation rates allowed for tax purposes. ...
Accelerated Cost Recovery System. Instead of depreciating an asset uniformly over its useful life (as is the case with the straight-line depreciation method), ACRS uses fixed percentages and a predetermined number of years (depending on the asset's class life) to calculate a depreciation deduction. This method allows for a greater depreciation deduction in the earlier years and generally applies to tangible property placed into service after 1980 and before 1987.
Accelerated Cost Recovery System. The system of depreciation that came into effect in 1981, replacing traditional methods of depreciation based on useful life. Under ACRS, costs of qualified property are written off over predetermined periods. The minimum number of years and the applicable percent of cost that may be deducted each year depends on the class of the property. The Tax Reform Act of 1986 contained several changes to the ACRS rules. The changes are generally effective for property placed in service after December 31, 1986. See Modified Accelerated Cost Recovery System.
Accelerated Cost Recovery System. The depreciation schedule of the Economic Recovery Tax Act of 1981 (ERTA), modified by the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), that allows faster write offs of plant and equipment is classified as 3,5, or 10 years property. The accelerated cost recovery system (ACRS) replaced the asset depreciation range (ADR) system which was built on the concept of useful life.
The Tax Reform Act of 1986 modified the ACRS by prescribing depreciation methods for each ACRS class in lieu of statutory tables. Equipment is assigned among 3,5,7,10,15, or 20 year classes depending on ADR lives.
Accelerated Cost Recovery System. A method of tax depreciation applicable to most equipment placed in service after 1980 and before 1987. Under the Tax Reform Act of 1986, most equipment is now depreciated using the Modified Accelerated Cost Recovery System ( MACRS).
accelerated Cost Recover System. U.S. depreciation schedule that covered items which were placed in use prior to January 1, 1987.
Accelerated Cost Recovery System. A depreciation method used for most property placed into service from 1981 to 1986. This method allowed property to be depreciated at a faster rate than had been allowed previously. The modified accelerated cost recovery system (MACRS) replaced ACRS for assets placed into service after 1986.
Accelerated Cost Recovery System. The ACRS system of depreciation allows for larger depreciation deductions for businesses in the early years of ownership. The Tax Reform Act of 1986 sited several changes to the ACRS rules, thus ACRS was replaced by MACRS (Modified Accelerated Cost Recovery System.)
Accelerated Cost Recovery System. The IRS approved method of calculating depreciation expense for tax purposes. Also known as Accelerated Depreciation.
(US tax based) An acronym for Accelerated Cost Recovery System, a system of rapid depreciaton of the costs of most assets for the purposes of federal income taxation created by the Economic Recovery Tax Act of 1981.
