Examlex
Which of the following sources of tax law authority has the highest tax validity?
Depreciation Expense
An accounting method allocating the cost of a tangible asset over its useful life, reflecting its consumption, wear and tear, or obsolescence.
Expected Useful Life
The estimated length of time a fixed asset will be used in normal operations.
Placed in Service
Refers to the point in time when an asset begins to be used by a business for its intended purpose, marking the start of depreciation.
Asset
Items of value owned by a company, including tangible and intangible resources, that can be converted into cash.
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