The site of the Berlin Wall. The Berlin Wall came down 20 years ago, but few of the news stories marking the anniversary have explained the event's full significance. The Cold War had been raging for 14 years before the wall went up on Aug. 13, 1961.
Depreciation Defined. Depreciating an asset means allocating the asset's cost over its useful life. The useful life of an asset, or economic resource, is the period of time over which a company intends to use this asset in operating activities or manufacturing processes. Funded Depreciation Defined. Funded depreciation is a fixed asset management method that helps a company set aside funds to renew machinery and equipment that it uses in operating activities. For instance, a company buys a new truck valued at $100,000 and records $10,000 in annual depreciation expense over 10 years.
IRS Special Edition Tax Tip 2009-09. Taxpayers who buy new motor vehicles this year may be entitled to a special tax deduction for the sales or excise taxes on those purchases when they file their 2009 federal tax returns next year. This tax benefit is part of the American Recovery and Reinvestment Act of 2009. Taxpayers in states that do not have state sales taxes may be entitled to deduct other fees or taxes imposed by the state or local government. Here are nine important facts the IRS wants you to know about the deduction. 1  State and local sales and excise taxes paid on up to $49,500 of the purchase price of each qualifying vehicle are deductible.