Accelerated Cost Recovery System. Depreciation methods applied to limited partnership...
Act of state doctrine Acting in concert
Accelerated Cost Recovery System. A depreciation system enacted as part of the Economic Recovery Tax Act of 1981 that allows rapid depreciation of assets for tax purposes. It was repealed in the Tax Reform Act of 1986.
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.