Used property definition

Used property means property acquired after June 30, 2021, that is not “new property”.
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Used property means property that is originally placed in service by the taxpayer outside of this State. The cost of property used by the taxpayer outside of this State and then placed into service in this State on or after January 1, 1997 is the original cost of the property to the taxpayer, minus the straight-line depreciation allowable for the tax years or portions of the tax years during which the taxpayer used the property outside of this State. The cost of property used by the taxpayer outside of this State and then placed into service in this State before to January 1, 1997 is the original cost of the property.[PL 1997, c. 504, §16 (NEW).]
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Used property means property acquired after June 30,
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Examples of Used property in a sentence

  • Used property refers to personal property not under a lease agreement and not owned by you but in your possession.

  • Used property refers to personal property not under a lease agreement, and not owned by you but in your possession.

  • Used property and used equipment is property or equipment that has been placed in use by a previous owner or user for a period of time, and which is recognized in the relevant trade or industry, if there is one, as qualifying the personal property or equipment as “used”.

  • Estimated useful lives over which assets are depreciated are as follows: Asset Type Useful life in years Premises 58 Leasehold Improvements Over the period of lease subject to a maximum of 6 years Office Equipment 5 Computers 3 Furniture and Fixtures 6 Vehicles 4 Used property, plant and equipment purchased are depreciated over the residual useful life from the date of original purchase.

  • Estimated useful lives over which assets are depreciated are as follows: Asset TypeUseful life in yearsPremises58Leasehold ImprovementsOver the period of lease subject to a maximum of 6 yearsOffice Equipment5Computers3Furniture and Fixtures6Vehicles4 Used property, plant and equipment purchased are depreciated over the residual useful life from the date of original purchase.


More Definitions of Used property

Used property means property acquired after June 30, 2023, that is not "new
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Used property means property acquired after June 30, 2022, that is not “new
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Used property means property acquired after July 1, 2024, that is not "new property".
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Used property means property acquired after June 30, 2020, that is not "new
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Used property means property on which the tax imposed by this chapter has been
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Used property means tangible personal property on which the sales tax has already been collected and property that was held for other than a business purpose on the effective date of this chapter.
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Used property means property which has been in use for 90 days or more.
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