|
MACRS
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code. The Internal Revenue Service (IRS) publishes detailed tables of lives by classes of assets. The deduction for depreciation is computed under one of two methods (declining balance switching to straight line or straight line) at the election of the taxpayer, with limitations. SeIRS Publication 946for a 120-page guide to MACRS. History Tax deductions for depreciation have been allowed in the U.S. since the inception of the income tax. Prior to 1971, these deductions could be computed in a variety of manners over a wide range of lives, under old Bulletin F. In 1971, Congress introduced the Class Life Asset Depreciation Range (ADR) system in an attempt to simplify ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bonus Depreciation
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code. The Internal Revenue Service (IRS) publishes detailed tables of lives by classes of assets. The deduction for depreciation is computed under one of two methods (declining balance switching to straight line or Depreciation#Straight-line depreciation, straight line) at the election of the taxpayer, with limitations. SeIRS Publication 946for a 120-page guide to MACRS. History Tax deductions for depreciation have been allowed in the U.S. since the inception of the income tax. Prior to 1971, these deductions could be computed in a variety of manners over a wide range of lives, under old Bulletin F. In 1971, Congress introduced the Class Life Asset Depreciation Ran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation
In accountancy, depreciation is a term that refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation
In accountancy, depreciation is a term that refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). Depreciation is thus the decrease in the value of assets and the method used to reallocate, or "write down" the cost of a tangible asset (such as equipment) over its useful life span. Businesses depreciate long-term assets for both accounting and tax purposes. The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report. Generally, the cost is allocated as depreciation expense among the periods in which the asset is expected to be used. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alternative Minimum Tax
The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges. An alternative minimum taxable income (AMTI) is calculated by taking the ordinary income and adding disallowed items and credits such as state and local tax deductions, interest on private-activity municipal bonds, the bargain element of incentive stock options, foreign tax credits, and home equity loan interest deductions. This broadens the base of taxable items. Many deductions, such as mortgage home loan interest and charitable deductions, are still allowed under AMT. The AMT is then imposed on this AMTI at a rate of 26% or 28%, with a much higher exemption than the regular income tax. The Tax Cuts and Jobs Act of 2017 (TCJA) reduced the fracti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Recovery Tax Act Of 1981
The Economic Recovery Tax Act of 1981 (ERTA), or Kemp–Roth Tax Cut, was an Act that introduced a major tax cut, which was designed to encourage economic growth. The federal law enacted by the 97th US Congress and signed into law by US President Ronald Reagan. The Accelerated Cost Recovery System (ACRS) was a major component of the Act and was amended in 1986 to become the Modified Accelerated Cost Recovery System (MACRS). Representative Jack Kemp and Senator William Roth, both Republicans, had nearly won passage of a tax cut during the Carter presidency, but Jimmy Carter feared an increase in the deficit and so prevented the bill's passage. Reagan made a major tax cut his top priority once he had taken office. The Democrats maintained a majority in the US House of Representatives during the 97th Congress, but Reagan was able to convince conservative Democrats like Phil Gramm to support the bill. The Act passed the US Congress on August 4, 1981, and was signed into law by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grain Mill
A gristmill (also: grist mill, corn mill, flour mill, feed mill or feedmill) grinds cereal grain into flour and middlings. The term can refer to either the grinding mechanism or the building that holds it. Grist is grain that has been separated from its chaff in preparation for grinding. History Early history The Greek geographer Strabo reports in his ''Geography'' a water-powered grain-mill to have existed near the palace of king Mithradates VI Eupator at Cabira, Asia Minor, before 71 BC. The early mills had horizontal paddle wheels, an arrangement which later became known as the " Norse wheel", as many were found in Scandinavia. The paddle wheel was attached to a shaft which was, in turn, attached to the centre of the millstone called the "runner stone". The turning force produced by the water on the paddles was transferred directly to the runner stone, causing it to grind against a stationary "bed", a stone of a similar size and shape. This simple arrangement required ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cattle
Cattle (''Bos taurus'') are large, domesticated, cloven-hooved, herbivores. They are a prominent modern member of the subfamily Bovinae and the most widespread species of the genus ''Bos''. Adult females are referred to as cows and adult males are referred to as bulls. Cattle are commonly raised as livestock for meat (beef or veal, see beef cattle), for milk (see dairy cattle), and for hides, which are used to make leather. They are used as riding animals and draft animals ( oxen or bullocks, which pull carts, plows and other implements). Another product of cattle is their dung, which can be used to create manure or fuel. In some regions, such as parts of India, cattle have significant religious significance. Cattle, mostly small breeds such as the Miniature Zebu, are also kept as pets. Different types of cattle are common to different geographic areas. Taurine cattle are found primarily in Europe and temperate areas of Asia, the Americas, and Australia. Zebus (also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offshore Drilling
Offshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum that lies in rock formations beneath the seabed. Most commonly, the term is used to describe drilling activities on the continental shelf, though the term can also be applied to drilling in lakes, inshore waters and inland seas. Offshore drilling presents environmental challenges, both offshore and onshore from the produced hydrocarbons and the materials used during the drilling operation. Controversies include the ongoing US offshore drilling debate. There are many different types of facilities from which offshore drilling operations take place. These include bottom founded drilling rigs ( jackup barges and swamp barges), combined drilling and production facilities either bottom founded or floating platforms, and deepwater mobile offshore drilling units (MODU) including semi-submersibles or drillships. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Petroleum Refining
An oil refinery or petroleum refinery is an industrial processes, industrial process Factory, plant where petroleum (crude oil) is transformed and refining, refined into useful products such as gasoline (petrol), diesel fuel, asphalt, asphalt base, fuel oils, heating oil, kerosene, liquefied petroleum gas and petroleum naphtha. Petrochemicals feedstock like ethylene and propene, propylene can also be produced directly by Cracking (chemistry), cracking crude oil without the need of using refined products of crude oil such as naphtha. The crude oil feedstock has typically been processed by an oil production plant. There is usually an oil depot at or near an oil refinery for the storage of incoming crude oil feedstock as well as bulk liquid products. In 2020, the total capacity of global refineries for crude oil was about 101.2 million barrels per day. Oil refineries are typically large, sprawling industrial complexes with extensive piping running throughout, carrying streams of f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction
Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and comes from Latin ''constructio'' (from ''com-'' "together" and ''struere'' "to pile up") and Old French ''construction''. To construct is the verb: the act of building, and the noun is construction: how something is built, the nature of its structure. In its most widely used context, construction covers the processes involved in delivering buildings, infrastructure, industrial facilities and associated activities through to the end of their life. It typically starts with planning, financing, and design, and continues until the asset is built and ready for use; construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. The constructio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, eff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Radio
Radio is the technology of signaling and communicating using radio waves. Radio waves are electromagnetic waves of frequency between 30 hertz (Hz) and 300 gigahertz (GHz). They are generated by an electronic device called a transmitter connected to an antenna which radiates the waves, and received by another antenna connected to a radio receiver. Radio is very widely used in modern technology, in radio communication, radar, radio navigation, remote control, remote sensing, and other applications. In radio communication, used in radio and television broadcasting, cell phones, two-way radios, wireless networking, and satellite communication, among numerous other uses, radio waves are used to carry information across space from a transmitter to a receiver, by modulating the radio signal (impressing an information signal on the radio wave by varying some aspect of the wave) in the transmitter. In radar, used to locate and track objects like aircraft, ships, spacecraf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
