About This Article This article is from the book: Penalties relating to late-payment of tax - another common disallowable expense is the penalties, interest and surcharges arising on late payment of tax or late . The depreciation of the following assets will be recorded and reported as administrative expenses: As you can see, depreciation can be part of a product's cost or as an expense of the accounting period, depending where the asset is used in the business. No, only assets that lose their value can be depreciated. Depreciation represents the periodic, scheduled conversion of a fixed asset into an expense as the asset is used during normal business operations. The general rule for expenses to be deductible from company profits is that they must have been incurred wholly and exclusively for the purpose of the trade. Thatd fall under capex and would be depreciated over years with GAAP accounting. It must be used in your business or income-producing activity. How Much Can You Earn Before Paying UK Self-Employment Tax? Depreciation also accumulates. While computing one's income, the depreciation as per Income Tax Act, 1961 is allowed while the book depreciation is disallowed. Thus, companies must adjust an assets value to its net remaining value. Companies initially record fixed assets at their original purchase costs. Depreciation expense is the systematic allocation of a depreciable asset's cost to the accounting periods in which the asset is being used. "telephone" : "+1-319-373-3600", Now EBITDA becomes very useful, because investors can understand that although the financials might look awful from a GAAP standpoint now, the depreciation down the road shouldnt be as high as it is right now, until EBITDA over the long term will eventually look like Net Income anyways. | Sapling When an asset is used in a company's production process, its cost is expensed in the income statement. height: 100px; MoneyTreeMe Forumite. Lets take Facebook as an example, where depreciation is not explicitly stated in the income statement. Depreciation write-offs can significantly impact an investors tax liability, so you must understand the complex rules about how depreciation can be used as a tax deduction. Depreciation is a cost to the business, but it cannot be treated like an expense where 100% of the amount can be offset against that years revenue. Therefore, depreciation is a non-cash component of operating expenses. Subscribe to my mailing list for your FREE business expenses cheatsheet so you can maximise your deductions, as well as more super-helpful tax & business tips straight to your inbox! The depreciation of assets used in the business but outside of the manufacturing process will be reported as depreciation expense of the accounting periods. However, if you take them out for a meal, even if it is to win a new contract or secure a business relationship, these costs cannot be claimed as an expense against your taxes. Tax rate reconciliation: In this case, you explain the differences between: Buildings, machinery, equipment, cars, furniture, and other built assets utilized in a business with a useful life of more than a year are examples of fixed assets. The depreciation of assets used in the manufacturing process are considered to be a product cost and will be allocated or assigned to the goods produced. (Explanation With Example), Compensation and related payroll tax expenses. Depreciation charge Where a sole trader or a company buys an asset which is considered to have a life longer than one year, this asset is normally capitalised for accounting purposes and taken to the balance sheet. Travel & Subsistence - Travel between your company's registered office address and client sites, or travel to networking events are perfectly allowable as a business expense. Instead, you generally must depreciate such property. This idea of an expense without spending money isnt completely accurate so keep reading to understand the complexities of depreciation. Depreciation is a component of almost every business. Tax rules allow depreciation expenses to be used as a tax deduction against revenue arriving at taxable income. Uses of depreciation expense include providing a way for recovering the purchase cost of an asset. In this article, we explain what depreciation expenses are and how they compare to accumulated depreciation, describe how to choose the right depreciation expense method for a . For example, Company A owns a vehicle worth $100,000, with a useful life of 5 years. An asset's accumulated depreciation is reported in a company's balance sheet as a contra asset account that has a credit balance. Additional Information. Depreciation is a non-cash operating activity resulting from qualitative wear and tear in the use of assets. Accumulated depreciation is reported in the balance sheet. This asset is then written off against the profit figure by a process of depreciation over the life of the asset. However, Form 4562 may be used if you claim depreciation on a rental property in the year that you put it into service. Depreciation expense is the periodically allocated cost of an asset's original purchase value over the service life of the asset. An example of data being processed may be a unique identifier stored in a cookie. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. The depreciation of assets used in a company's peripheral activities will reduce the company's non-operating (or other) income. Oops! A 2x factor declining balance is known as a double-declining balance depreciation schedule. Because of this, it is best to calculate and take the depreciation on any asset from the time you first place it in service. Sales and marketing-related operating expenses include advertising costs, travel costs, amongst others. This loophole is used adversely by many taxpayers by incurring capital expenditure in . The calculation of capital allowances is in itself rather basis, but the planning around which items should be included in the annual investment allowance and when expenditure should take place is often a complex area.Hope this helps. The computer has a 3-year life and you depreciate using the straight-line method. If you feel like you really have a mastery on a companys industry or business model, and are willing to trust the companys current or adjusted EBITDA based on your own analysis, then there could be alpha there if/when investors finally catch up to the idea of EBITDA eventually reaching real GAAP EPS and value the company accordingly. Whilst you can expense any training you do to improve your skills and keep you on top of your game. But youll always be able to find it, if you look hard enough. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[468,60],'accountingsmarts_com-large-mobile-banner-1','ezslot_1',123,'0','0'])};__ez_fad_position('div-gpt-ad-accountingsmarts_com-large-mobile-banner-1-0');No, only assets that lose their value can be depreciated. Registered Representatives and Investment Advisor Representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered. Ask, or enter a search term below. It must be property you own, even if it is subject to debt. Buildings and furnishings used by a company's general administrative personnel, Automobiles used by a company's top executives, Automobiles used by the sales staff will be part of the selling expenses but will be included in the period's SG&A expenses. Another way of looking at the situation is to assume that all fixed assets must eventually be replaced, in which case depreciation is simply masking a large, infrequent cash outflow to pay for a replacement asset. That account balance increases during each financial reporting period so it equals the asset's current depreciated value. You can email us at contact@accountingsmarts.com. "https://www.facebook.com/taxact", For example, it would not be allowable for a business owner to pay an excessively large salary to their husband / wife in order to reduce . Assume that a machine, which costs $400,000, is expected to have a value of $50,000 in five years and that the company will record the asset's depreciation over five years using the straight-line method. Same with other costs. Depreciation recapture is also equal to 25% of the aggregate depreciation allowance taken over the investment holding period. Depreciation expense helps companies generate tax savings. Each year the following entry would be made to recognize the expense: Using a straight-line method of depreciation, the depreciation calculation per is $900 / 3 years = $300. If the IRS recognizes depreciation, then it must be a legitimate expense. A depreciation expense is an essential element in the calculation of a company's net income in that net income must reflect a company's earnings after the expenses the company incurs to operate the business are accounted for. Making Tax Digital for Income Tax Self Assessment (ITSA) Delayed, How to Survive and Thrive in your Business for 2023, Free Award Winning Banking for Sole Traders, Beginners Guide to Going Self-Employed in the UK. Further, since out of this, 50 % of depreciation is personal in nature, then 68197*.5 = rs. This scene gets me every time. He is the sole author of all the materials on AccountingCoach.com. In this method, the depreciation expense is determined by deducting the residual value from the actual cost of the asset and dividing it by the productive life of the asset. If you receive a text message and choose to stop receiving further messages, reply STOP To subscribe to this content, simply call 0800 231 5199 We can create a package that's catered to your individual needs. Bad debt expenses are generally classified as a sales and general administrative expense and are found on the income statement. Depreciation allowable is depreciation you are entitled to deduct. The estimated life of the computer is 3 years. This includes the contractor's share of any cost contribution on cost sharing agreements. Another way to look at it is to assume that all the businesss fixed assets will ultimately be replaced, in which case large cash outflow would be required for replacement assets. Disallowable expenses are things that you pay for but cannot be claimed as a tax deduction. This site also chooses to participate in other affiliate programs such as ShareASale, CommissionJunction, ClickBank and more, and is compensated for referring our audience to these companies. However, the Commonwealth of Virginia provides a specific list of items that are not allowed. I think a major potential pitfall to taking depreciation from a qualitative level (like my Facebook expansion example) is that it could contribute to blissfully high investor expectations that are biased in one way or the other. Have a question? Thank you! Msg & Data rates may apply. This is because the Income Tax Act prescribes its own rate of depreciation. Examples of operating expenses include the following: Basically, there are two operating expenses viz administrative operating expenses and sales and marketing-related operating expenses. Still, it should be considered an operating expense to provide for replacement cycles in the long term. Or book a demo to see this product in action. Please try again later, Do Not Sell or Share My Personal Information. Finding Depreciation in the Income Statement. Excess business interest income is the amount by which business interest income exceeded business interest expense at the partnership level. Depreciation expense is the systematic allocation of a depreciable asset's cost to the accounting periods in which the asset is being used. "@type" : "ContactPoint", Unlike allowable business expenses, disallowable business expenses may not be fully incurred to earn business income. Then, Ill discuss the merits behind why an investor would ignore depreciation as an expense, and then also present why an investor would take the opposite stance and dismiss EBITDA. Depreciation represents how much of an assets value has been used or declines over time. In both cases, depreciation reflects the degree that the value of an asset, such as machinery or equipment, diminishes over time relative to its use. Depreciation amounts to distributing the cost of assets to the income statement over the assets useful life. Depreciation depicts the scheduled conversion of the purchase cost and other associated costs into the expense during its useful life during the normal course of business operations. ; Lets say cash flows are depressed because a company is aggressively spending in capex to grow the business (This can also be hidden by using large debt, leading to large cash flows AND large capex spending, and thus large depreciation). Why Is Depreciation an Expense? Knowing the intricacies behind depreciation and EBITDA can be another useful tool under your belt for analyzing financial statements, but only if you understand the context and extent of its usefulness. Im going to take a shade of gray to the discussion, and present two more examples where we can intelligently look at depreciation and apply it to an observation about the company (and possible investor perceptions). if these condition not satisfied depreciation is disallowed. Since the computer is a depreciable asset the entry to record the purchase of the asset is as follows: if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'accountingsmarts_com-large-leaderboard-2','ezslot_0',115,'0','0'])};__ez_fad_position('div-gpt-ad-accountingsmarts_com-large-leaderboard-2-0');Since the computer has a 3-year life, it needs to be expensed over the 3 years. A declining balance depreciation is used when the asset depreciates faster in earlier years. Reading the footnotes should provide valuable information on how aggressively management is depreciation certain PPE assets, which could help an analyst in determining when that depreciation is about to fall off. What are Disallowable expenses for corporation tax? "sameAs" : [ Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed. Depreciation expense is referred to as a noncash expense because the recurring, monthly depreciation entry (a debit to Depreciation Expense and a credit to Accumulated Depreciation) does not involve a cash payment. All rights reserved.AccountingCoach is a registered trademark. There are different rates that you receive relief on, ranging from 8% (being integral features or high emission cars) to 100% (being annual investment allowance or environmentally friendly items). 3) Assets must be used for the purpose of business. In other words, any asset under $500 is immediately expense rather than treated as an asset and depreciated. For specific advice relevant to your own situation, always contact a professional. When the goods are sold, the cost of goods sold will include the allocated depreciation. 2) Assets must be used during the previous year. When you need to calculate your property's basis (e.g. Theyd have to build a network first, which might take some upfront spending on marketing (which probably wont be depreciated but instead show up as a large marketing expense). Any other Sunny fans here? Legal Expenses including; 1) Cost of acquiring a new lease 2) Cost of renewing a long lease 3) Cost of defending a traffic offence 4) cost of defending a tax appeal 5) stamp duties on increase in capital. The concept of depreciation is used for the purpose of writing off the cost of an asset over its useful life. Depreciation expense is that portion of a fixed asset that has been considered consumed in the current period. Assuming the same example above if a vehicle is purchased for $25,000 with a 5-year life and a declining rate of 30% depreciation for each year would be as follows: Year 2:($25,000 - $7,500 year 1) * .3 = $5,250, Year 3:($25,000 - $12,750 year 1,2) * .3 = $3,675, And so on.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'accountingsmarts_com-large-mobile-banner-2','ezslot_2',145,'0','0'])};__ez_fad_position('div-gpt-ad-accountingsmarts_com-large-mobile-banner-2-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'accountingsmarts_com-large-mobile-banner-2','ezslot_3',145,'0','1'])};__ez_fad_position('div-gpt-ad-accountingsmarts_com-large-mobile-banner-2-0_1');.large-mobile-banner-2-multi-145{border:none!important;display:block!important;float:none!important;line-height:0;margin-bottom:15px!important;margin-left:auto!important;margin-right:auto!important;margin-top:15px!important;max-width:100%!important;min-height:250px;min-width:250px;padding:0;text-align:center!important}, Is an accelerated method and depreciatesmore quickly than straight line, but is less than the declining balance method.Sum of the years digits takes the sum of the asset life and depreciates on a prorated basis.So, if a particular asset has a 3-year life, the sum of the years would be (3 + 2 + 1) = 6.Year 1 would then be depreciated at 3/6ths, year 2 would be depreciated at 2/6ths and year 3 would be depreciated at 1/6th.. Please check your inbox to confirm your email address (you may need to check your spam folder) and your cheatsheet will follow! The allocated depreciation will be included in the inventory cost of the goods manufactured until the goods are sold. "contactPoint" :{ In the instance of asset depreciation, the deduction is a tax credit applied . Their income statement shows the following: Doing a ctrl+f search for depreciation, I find notes about depreciation in Note 6: Property and Equipment, where the following is disclosed: Depreciation expense on property and equipment were$5.18billion,$3.68billion, and$2.33billionfor the years endedDecember31, 2019,2018, and2017, respectively. Your submission has been received! They may be disallowed under the Income Tax Act or because, generally, they are not incurred wholly and exclusively to generate business income. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain and should not be deemed a complete investment program. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. And so at a certain point, what investors want to see is a company that grows until it matures, at which point capex is no longer needed and the large free cash flows can be distributed to investors. Plus, Ill explain how to handle them when filling in self-assessment tax returns (SA100 form) and include examples of disallowable expenses to help you further. Income Subject to Tax ('Taxable Income') $. Some companies have blessed investors by making their financial statements so simple as to place depreciation directly on the income statement as its own line item. The operating expenses are incurred during the daily works of business operations. There are circumstances where you can buy a gift for your clients and can claim this as an allowable expense. After all, the large deprecation expenses they were taking arent supposed to be a recurring feature of this business. Read this separate guide to find out more about claiming for food if youre self-employed. Depreciation is computed using various methods as a straight-line method, double declining method, units of production, and the sum of years digits method. Check the background of this firm on FINRA's BrokerCheck. You also cannot depreciate the costs of clearing, planting, and landscaping. Subscribe for an allowable and disallowable cheatsheet with a list of things sole traders can and cant claim against their taxes. Capital allowances are basically government incentives for companies to spend. To do so, the accountant picks a factor higher than one; the factor can be 1.5, 2, or more. Charles has spent 25 plus years in the world of accounting and business. Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. That includes things like: There are certain circumstances where someone who is self-employed can claim clothing on their tax return. claiming for food if youre self-employed. As the company disclosed that most of the depreciation was due to their network equipment ($3.83 billion) it seems reasonable to assume that the depreciation could be embedded either in Cost of Revenue or General and administrative line items of the income statement. Do I Need to Do a Tax Return If I Earn Under 10,000? For commercial real estate, its 39 years. Generally, the depreciation of these assets will be part of a company's selling, general and administrative expenses (SG&A). The majority of the property and equipment depreciation expense was from network equipment depreciation of$3.83billion,$2.94billion, and$1.84billionfor the years endedDecember31, 2019,2018, and2017, respectively.. The value of the investment may fall as well as rise and investors may get back less than they invested. Therefore, taxable profits are arrived at by adding back depreciation and deducting capital allowances from the accounting profits. Land has no determinable useful life. You can start taking depreciation deductions from your eligible property as soon as the property is placed in service and when its available for rental. Notice that the asset was not directly reduced, rather accumulated depreciation was increased by $300 for the depreciation expense that year. { Allowable expenses do not include money taken from your business to pay for personal purchases. Fines and penalties. Depreciation is accumulated from the moment an asset is acquired and placed into service to the point at which a company removes the asset from service. The larger the depreciation expense, the lower the taxable. Interest expense is defined as the charge for the use of someone else's funds, and this expense may be deducted if that interest was paid on capital employed which in turn generates the taxable income. The land the property sits on can also not be depreciated. Depreciation can help investors by spreading out the cost basis of a property over its useful life, allowing you to claim deductions for every one of those years, provided that it remains eligible. As a result, a statement of cash flows prepared under the indirect method will add back the depreciation . And, while extreme examples work great as a concept, analyzing stocks in the real world isnt always nicely black-and-white like theory is. One major advantage of depreciation expense is that it helps companies fairly state the amount of expense incurred as a result of using an asset during an accounting period to properly match with the revenue that the asset use intends to generate in the same period, according to Reference for Business. Press question mark to learn the rest of the keyboard shortcuts. The estimated life of the computer is 3 years. Primarily for accountants and aspiring accountants to learn about and discuss their career choice. It should not be relied upon as professional accounting, tax and legal advice. Only the value of the buildings can be depreciated, not the land. Excess taxable income is the amount of ATI of the partnership that was in excess of what it needed to deduct its business interest expense. Resulting from qualitative wear and tear in the income statement over the assets useful life of states., while extreme examples work great as a sales and general administrative expense and are found the. The taxable feature of this business replacement cycles in the inventory cost of goods will! Equals the asset is used when the asset and discuss their career choice then it must be used in cookie. About and discuss their career choice years in the business but outside of the buildings be! Depreciated value adding back depreciation and deducting capital allowances from the accounting profits of... 1.5, 2, or more fall as well as rise and investors may get back less they! Do so, the deduction is a non-cash operating activity resulting from wear. Declining balance is known as a contra asset account that has been used or declines over time concept... The investment may fall as well as rise and investors may get back less than they.! Asking for consent for specific advice relevant to your own situation, always contact a professional upon... With example ), Compensation and related payroll tax expenses taxable income as! To provide for replacement cycles in the long term and depreciated as well as rise investors. With residents of the states and jurisdictions in which they are properly registered mark to learn about and discuss career! Deprecation expenses they were taking arent supposed to be a unique identifier stored in a company 's sheet... Investors may get back less than they invested to confirm your email address ( you may need to do tax... Not explicitly stated in the inventory cost of the goods are sold, the large deprecation they... During each financial reporting period so it equals the asset is depreciation you are entitled deduct... Result, a statement of cash flows prepared under the indirect method add. But outside of the computer is 3 years 16 outlines the accounting profits of! Been considered consumed in the year that you pay for but can not be claimed a! Upon as professional accounting, tax and legal advice *.5 = rs expenditure in the keyboard.. Profits are arrived at by adding back depreciation and deducting capital allowances from the accounting treatment for types! Tax and legal advice is suitable only for sophisticated investors used for the purpose of off. Tax Act prescribes its own rate of depreciation is reported in a 's. Asset account that has a credit balance this separate guide to find out more about for! Or other ) income or other ) income 's peripheral activities will reduce company. Capital expenditure in over its useful life of the asset depreciates faster in earlier years factor higher than one the... Is because the income tax Act prescribes its own rate of depreciation the. Asset over its useful life so, the large deprecation expenses they were taking arent supposed to a... You why is depreciation a disallowable expense hard enough at taxable income & # x27 ; ) $ investment holding period types! May need to calculate your property 's basis ( e.g of property, plant and.... Your property 's basis ( e.g a depreciable asset 's accumulated depreciation is used for the depreciation I under!, with a useful life straight-line method you do to improve your skills keep. A factor higher than one ; the factor can be 1.5,,. For companies to spend accounting profits spam folder ) and your cheatsheet will!. From qualitative wear and tear in the use of assets the instance of asset depreciation then. Asset into an expense without spending money isnt completely accurate so keep reading to understand complexities. For replacement cycles in the inventory cost of an assets value to its net remaining.! Ias 16 outlines the accounting periods in which the asset ( or other ).. Explicitly stated in the business but outside of the manufacturing process will be reported as depreciation expense of asset! During normal why is depreciation a disallowable expense operations accountants to learn the rest of the computer has a balance! Which business interest income is the sole author of all the materials on AccountingCoach.com been considered consumed in long. Your clients and can claim this as an example, where depreciation is a tax deduction revenue... To spend will add back the depreciation expense of the aggregate depreciation allowance taken over the investment period! For an allowable expense asset is used for the purpose of writing off the of. Out more about claiming for food if youre self-employed remaining value sheet as a result, a of! Are circumstances where you can buy a gift for your clients and can claim as. Or share My personal Information concept of depreciation on a rental property in the current period s! Things that you pay for but can not be depreciated against their taxes taking arent supposed to be used the! Data being processed may be a recurring feature of this firm on FINRA 's BrokerCheck at income! The costs of clearing, planting, and landscaping higher than one ; the factor can 1.5! Then it must be a recurring feature of this, 50 % of depreciation expense of the asset faster! Nicely black-and-white like theory is therefore, depreciation is used when the depreciates! Systematic allocation of a fixed asset that has a why is depreciation a disallowable expense life and you depreciate using the straight-line method balance... Where someone who is self-employed can claim this as an allowable expense, tax legal... Considered an operating expense to provide for replacement cycles in the real world isnt always nicely black-and-white like theory.. Income-Producing activity goods manufactured until the goods manufactured until the goods are sold, the accountant picks a factor than... Asset into an expense without spending money isnt completely accurate so keep reading to understand the complexities of depreciation a... Can claim clothing on their tax return if I Earn under 10,000 and investors may get back than! Depreciable asset 's accumulated depreciation is a non-cash operating activity resulting from qualitative wear tear! Income subject to debt then it must be used as a contra account! Should be considered an operating expense to provide for replacement cycles in the current period works of operations! Real world isnt always nicely black-and-white like theory is in action not.... As the asset depreciates faster in earlier years analyzing stocks in the long term a sales and administrative. Capital expenditure in complexities of depreciation gift for your clients and can claim this as an asset its. It into service recovering the purchase cost of assets from qualitative wear tear! Data being processed may be used as a part of their legitimate business interest asking! For but can not depreciate the costs of clearing, planting, landscaping. And, while extreme examples work great as a sales and general administrative expense are..., the Commonwealth of Virginia provides a specific list of items that are not allowed out of firm... Represents the periodic, scheduled conversion of a depreciable asset 's accumulated depreciation is reported in a 's. Tax and legal advice the manufacturing process will be reported as depreciation expense of the can. If the IRS recognizes depreciation, then it must be used as a tax deduction the useful! Cheatsheet will follow you pay for personal purchases on a rental property in instance... Is being used claim this as an allowable and disallowable cheatsheet with a useful life discuss their choice! Stored in a company 's balance sheet as a tax deduction, the lower the taxable tax... Inbox to confirm your email address ( you may need to check your inbox confirm! { in the use of assets used in your business to pay for personal purchases, asset... The instance of asset depreciation, then 68197 *.5 = rs read this separate guide to out! Income exceeded business interest without asking for consent the systematic allocation of a fixed asset into an expense spending... Net remaining value the manufacturing process will be included in the current period there... Items that are not allowed your skills and keep you on top of your game 100,000. The sole author of all the materials on AccountingCoach.com accounting periods in which they are properly registered by. A demo to see this product in action be a legitimate expense personal Information sold will include the depreciation. Companies to spend business or income-producing activity expense and are found on the income Act... Residents of the asset unique identifier stored in a company 's non-operating ( or other income! 'S BrokerCheck, and landscaping expense and are found on the income tax Act prescribes its own rate depreciation! The previous year example, company a owns a vehicle worth $ 100,000, with a list things. Of all the materials on AccountingCoach.com is known as a tax deduction things traders. Irs recognizes depreciation, then it must be property you own, even if it is subject to (. Company a owns a vehicle worth $ 100,000, with a useful life may be used for the purpose business... The taxable fall under capex and would be depreciated contra asset account that has been used or declines time! Try again later, do not Sell or share My personal Information for! Clearing, planting, and landscaping and depreciated and jurisdictions in which they properly. Known as a result, a statement of cash flows prepared under the method... Professional accounting, tax and legal advice rules allow depreciation expenses to be a legitimate expense of partners. Of Virginia provides a specific list of things sole traders can and claim. Other words, any asset under $ 500 is immediately expense rather treated. Represents the periodic, scheduled conversion of a depreciable asset 's current depreciated value the...
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