Once an Asset Is Fully Depreciated No Additional Depreciation Can

question 67

True/False

Once an asset is fully depreciated no additional depreciation can be taken even though the asset is still being used by the business.

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Definitions:

Nuisance Doctrine

A legal principle that prevents individuals from using their property in a way that could cause substantial interference or harm to the public or their neighbors.

Distinct Harm

refers to a clear and identifiable damage or injury caused to an individual or property, separate from general or speculative harm.

Environmental Impact Statement

A document required by law for certain actions that significantly affect the quality of the environment, outlining the impact of the proposed action and alternatives to it.

Federal Agency

An administrative unit of the U.S. government that has been created by the Congress to perform specific functions.