Tag: Deductions
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Depreciation
Depreciation in United States Practical Information Note: Some of this information was last updated in 1982The decline in value of an asset caused by wear, tear, and obsolescence. A corporation may deduct depreciation as an expense on its federal income tax return. An individual may take a […]
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Depletion
Depletion in United States Practical Information Note: Some of this information was last updated in 1982An exhaustion or gradual reduction of an asset. Depletion in the federal income tax law applies to the exhaustion of assets such as oil, gas, timber, mineral deposits, and other nature […]