Examlex
Simplify the following expression by combining similar terms.
Repair Expense
Costs incurred to fix or maintain property or equipment, generally deductible in the year they are incurred for tax purposes.
IRC Section 179
Allows taxpayers to deduct the cost of certain property as an expense when the property is placed in service (rephrased definition for §179 Expense).
Depreciated
The reduction in the recorded cost of an asset in accounting, reflecting wear and tear, age, or obsolescence.
Ordinary Expense
An expense that is common, accepted, necessary, and appropriate for a business or individual's trade or profession under tax law.
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