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ACCELERATED COST RECOVERY SYSTEM

Accelerated  Cost  Recovery  System.An  accounting  method  that  is  used  to  calculate  asset

depreciation and that allows for the faster recovery of costs by assigning the asset a shorter useful

life  than  was  previously  permitted  under  the  Internal  Revenue  Code.  •  This  system  applies  to

property put into service from 1981 to 1986. It was replaced in 1986 by the Modified Accelerated

Cost Recovery System. — Abbr. ACRS. [Cases: Internal Revenue    3476. C.J.S. Internal Revenue

§§ 230, 234, 239, 249.] [Blacks Law 8th]