Modified Accelerated Cost Recovery System
Modified Accelerated Cost Recovery System (alternatively known as General Depreciation System or GDS or by its acronym, MACRS) is a system for businesses to calculate depreciation for tax purposes based on the Tax Laws of 1986, 1989, and 2010).
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Modified Accelerated Cost Recovery System (MACRS). A system for businesses to calculate depreciation for tax purposes based on the Tax Laws of 1986, 1989, and 2010; also known as the General Depreciation System (GDS).
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
