Accelerated Cost Recovery Sys·tem
Legal Definition of Accelerated Cost Recovery System
: a method of calculating depreciation introduced in the Economic Recovery Tax Act of 1981 that results in faster recovery of costs for property put into service after 1980 by assigning it a shorter useful life than that previously allowed by the tax code — compare modified accelerated cost recovery system
Note: The Modified Accelerated Cost Recovery System replaced the Accelerated Cost Recovery System in 1986.
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