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TAKE THE QUIZ“recovery system”
The following 2 entries include the term recovery system.
Accelerated Cost Recovery System
noun: 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
Modified Accelerated Cost Recovery System
noun: a method of calculating depreciation introduced in the Tax Reform Act of 1986 that replaced the Accelerated Cost Recovery System and that allows for faster recovery of costs for property put into service after 1986 over a longer period of time
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Merriam-Webster unabridged
