useful life

Definition of "useful life"
  1. The IRS-determined period during which business equipment or property is anticipated to remain in service
How to use "useful life" in a sentence
  1. According to the IRS, the useful life of the farmer's tractor is seven years.
  2. By assessing the useful life of their machinery, businesses can plan for future replacements.
  3. Knowing the useful life of office computers aids in determining when to invest in new technology.

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