ACRS definition
Examples of ACRS in a sentence
Such sum, after deduction of all federal, state and local income taxes payable by Lessor as a result of the receipt of such sum, shall be sufficient to restore Lessor or its Affiliated Group to substantially the same position, on an after-tax basis, as it would have been in but for the loss of such ACRS Deductions.
Lessee further acknowledges and agrees that, pursuant to the Code, Lessor or its affiliated group, as defined in Section 1504 of the Code ("Affiliated Group"), shall be entitled to deductions for the recovery of the Acquisition Cost of the Equipment over the recovery period as set forth in the applicable Equipment Schedule, using the Accelerated Cost Recovery System as provided by Section 168 (b) (1) of the Code ("ACRS Deductions").
The percentage shall be equal to the percentage of the unadjusted basis of the property that would remain if the property had been recovery property placed in service after December 31, 1980 and if all allowable deductions had been taken up to the time of disposition under the Accelerated Cost Recovery System (ACRS) specified in the United States Internal Revenue Code, Section 168(b)(1).
If the lessee claims any investment tax credit or ACRS deductions with respect to any component which is part of an entire facility that is subsequently leased, the lessee must file an amended return within the time prescribed in paragraph (b)(2)(ii) of this section in which it foregoes its claim to the in- vestment tax credit and ACRS deduc- tions.
If the lessee claims any investment tax credit or ACRS deductions with respect to prop- erty placed in service under a lease, the lessee must file an amended return within 3 months following the execu- tion of the lease agreement in which the lessee foregoes its claim to the in- vestment tax credit and ACRS deduc- tions with respect to the leased prop- erty or the election under section 168(f)(8) will be void.
The invest- ment tax credit and ACRS deductions associ- ated with the property will be divided among X, lessor A, and lessor B, on a basis of 20 per- cent, 70 percent, and 10 percent, respectively.
All steel is to be supplied with an accompanying material test certificate from an ILAC or ACRS approved test laboratory that demonstrates compliance to AS1163, AS1594, AS3678 or AS3679.
The full appropriation for these front door activities must be passed on to ACRS and CISC via subcontracts between the AAA and those Agencies.
Per Budget (Exhibit B) line .49, funding is provided for these “front door” assessments completed by ACRS and CISC.
For federal income tax purposes, the Partnership is depreciating property using the Accelerated Cost Recovery System ("ACRS") and the Modified Accelerated Cost Recovery System ("MACRS") depending on which is applicable.