depreciation Hear it!

depreciation definition - legal

n

A decline in the value of an asset over time, due to its increasing obsolescence or the wear and tear due to its use; a deduction on an income tax return of part of the assetÂ’s cost, transforming its declining value into a benefit for the taxpayer.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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