Glossary of Terms

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Estimated Useful Life

The period during which an asset is expected to be useful in trade or business. Used for purposes of calculating the maximum allowable term of a tax lease, for determining whether or not the lease is a Capital Lease, or to determine the method of depreciation for a capitalized leased asset. May or may not be the same as the life used for income tax purposes. (Courtesy www.elfaonline.org)

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