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| Accelerated cost recovery system | Commonly referred to as ACRS (prounounced "acres"), a method of depreciating property rapidly for tax purposes. ACRS property is divided into classes and each class has a predetermined time period over which it may be depreciated. ACRS generally is used for property placed in service after 1980 and by Dec. 31, 1986. Subsequent property must be depreciated under the Modified Accelerated Cost Recovery System (MACRS). | |
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