The Accelerated Cost Recovery System (ACRS) is a method of tax depreciation introduced in 1981 and modified in 1984. It was used for tangible personal property placed in service between January 1, 1981, and December 31, 1986, and later replaced by the Modified Accelerated Cost Recovery System (MACRS) for assets placed in service after 1986.
Class Life Asset Depreciation refers to the tax guidelines that determine the period over which different types of assets can be depreciated. The IRS uses these guidelines to assign a specific 'class life' to asset categories, dictating how many years over which the depreciation can be calculated.
The General Depreciation System (GDS) is a tax depreciation system used to determine the depreciation deduction for depreciable property using the Modified Accelerated Cost Recovery System (MACRS) in the United States.
The General Depreciation System (GDS) is the primary method used for calculating tax depreciation under the Modified Accelerated Cost Recovery System (MACRS). GDS allows for the use of the declining-balance method over short recovery periods.
