Increased depreciation that can be deducted during the first year of a capital expenditure. This allows businesses to more rapidly deduct capital expenditures of most new tangible personal property and certain other new property.
A machine used for recording cash and credit receipts from sales. It typically includes a paper tape to provide a receipt to customers and print each transaction. Sales are reconciled daily with actual cash and credit receipts, with entries logged into the appropriate journal.
In tax law, plant and machinery refer to the equipment required to operate a business, qualifying for capital allowances which facilitate tax deductions on business investments in these assets.
