Depreciate

{
  "id": "MLC-T-LAW-001577",
  "term": "Depreciate",
  "field": "Law",
  "definition": "To systematically reduce the book value of a tangible asset over its useful life for accounting and tax purposes. This non-cash expense reflects the asset's wear and tear, age, or obsolescence, allowing a business to allocate the cost of the asset over the years it is in service. Common methods of calculating depreciation, such as the straight-line or accelerated cost recovery system, are specified by accounting standards and tax law.",
  "url": "https://mlchart.com/terminology/law/depreciate/"
}