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MACRS Rates
MACRS Rates refer to the depreciation rates established under the Modified Accelerated Cost Recovery System, allowing for faster depreciation of assets for tax purposes.
Property
Assets owned by an individual or business, which can include physical items like real estate and equipment, or intangible items like intellectual property.
MACRS
The Modified Accelerated Cost Recovery System, a method of depreciation used for tax purposes in the United States allowing faster depreciation.
Furniture
Movable articles intended to support various human activities such as seating, eating, and sleeping, often used to decorate and make spaces habitable.
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