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Business Definition for: Section 167
Dictionary of Real Estate Terms
Section 167

the part of the Internal Revenue Code that deals with depreciation .

Example: improvements to real estate are depreciable in accordance with Section 167 of the Internal Revenue Code.

Dictionary of Business Terms
Section 167

section of the Internal Revenue Code dealing with depreciation.

See also MACRS , depreciation
Related Terms:
MACRS
depreciation

  1. spreading out of the original cost over the estimated life of the fixed assets such as plant and equipment. Depreciation reduces taxable income. Among the most commonly used depreciation methods are straight-line depreciationand accelerated depreciationsuch as the sum-of-the-years'-digits (SYD) methodand double declining balance method.
  2. decline in economic potential of limited life assets originating from wear and tear, natural deterioration through interaction of the elements,and technical obsolescence. To some extent, maintenance (lubrication, adjustments, parts replacement, and cleaning) may partially arrest or offset wear and deterioration.

Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
 Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
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