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Canada (162,054)
Economics (748)
ECON 2B03 (10)
Chapter 7

Chapter 7.pdf

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Department
Economics
Course
ECON 2B03
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Chapter 7 Deprication and Income TaxDeprication is the decrease in value of the physical properties due to time and useo Concept of annual deduction against beforetax income such that the effect on time and use on an asset can affect the value of the asset in a firms financial statement Adjusted cost Basisoriginal cost of a on assetBasis or cost Basisinitial cost of acquiring an asset BV or Book ValueWorth of a depreciable property as shown oMarket Value MVis the amount that will be paid by a buying The MV approximates the present value of what will be receive through ownership of the property including the time value of money profit Recovery periodthe number of years over which the basis of a property is recovered through the acc
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