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January 7, 2008 12:00 am
AMT Patch at Last
Just before Congress recessed for the Christmas break, it approved a one-year fix to the alternative minimum tax (AMT) problem
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Tax Glossary
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
