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Simple English definitions for legal terms

double-declining depreciation method

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A quick definition of double-declining depreciation method:

The double-declining depreciation method is a way to estimate how much an asset will wear out or become obsolete over its useful life. This method is used to calculate the amount of tax deduction for depreciation. It spreads the cost of the asset over time by deducting twice the percentage recognized by the straight-line method and applying that double percentage to the remaining balance each year. This method results in larger deductions in the earlier years of an asset's life and smaller deductions in the later years.

A more thorough explanation:

The double-declining depreciation method is a formula used to estimate the wear, use, or obsolescence of an asset over its useful life. This method is useful in calculating the allowable annual tax deduction for depreciation.

For example, let's say a company purchases a machine for $10,000 with a useful life of 5 years and no salvage value. Using the double-declining depreciation method, the company would deduct 40% of the machine's value in the first year (2 times the straight-line rate of 20%), which is $4,000. In the second year, the company would deduct 40% of the remaining value, which is $2,400. The process continues until the end of the asset's useful life.

This method allows for larger deductions in the earlier years of an asset's life and smaller deductions in the later years, reflecting the asset's decreasing value over time.

double criminality | double-dipping

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11:00
master of juridical science like shut up that’s not real
11:00
@ronniedoeslaw: are u in a relationship rn lol
ronniedoeslaw
11:01
Yes almost 2 years, she’s not happy about me pursuing law though. Made me feel weird ever since that
11:01
give her the speech from the movie whiplash
i agree with esoterica
11:02
this one
11:02
break up woth her like
11:02
it'l be a distraction if yall are in a bad spot
wfh is so swag no one bothers me i can just do whatever
wisdom from the lsd.law chat
11:02
i don’t even think u can match my freak 😞
11:03
im a estp i learned today is anyonr compatible with me
11:03
idk my type but probably
11:03
aw yea oh yea baby
what's her reasoning behind not supporting your law school grind, ronnie?
ronniedoeslaw
11:04
Holy shit lol yall are so quick with it, that was the perfect clip to describe how I feel
entj (i'm insane)!!!!!!!!!!!!!!!!!
11:05
omg such a lawyer personality
11:05
based off my 3 second goog search
ronniedoeslaw
11:06
I think it’s just her thinking about the timeline, at the same time she used to be supportive to start then slowly stopped supporting me when she realized I didn’t want to just work in tech retail bc I did that the last 8 years of my life
ever since i was a little girl and won arguments, i knew i wanted to win arguments professionally <3
11:06
are u in the geek squad
ronniedoeslaw
11:06
No lol I worked for Apple & Tesla
ronniedoeslaw
11:07
So like geek squad on roids
11:08
u were in the genius bar
ronniedoeslaw
11:08
It just bums me out at this point that starting this new chapter requires me to move on from the relationship it’s looking like
11:08
yooo im in the geeked squad
ronniedoeslaw
11:08
Yes I was a tech for 5 years
11:08
tweak squad
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