Definition from Nolo’s Plain-English Law Dictionary
Certain types of depreciable assets used in a business for which the IRC requires special record keeping to prorate personal and business use. These assets are prone to being used for personal use, such as cellular phones, home-based computers, boats, airplanes, and vehicles.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:19 pm