useful life

useful life definition - business

useful life

The period during which a depreciable asset will be productive. An asset's useful life is likely to be different than its life for depreciation purposes as determined by the Internal Revenue Service. Compare class life.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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