CCH Axcess Tax

Life/Rate

Enter the class life in years, recovery period in years, or the effective rate as a four digit decimal for depreciable assets. Life years are the preferable entry. The decimal rate is used as entered. The rate does not adjust upward for declining or double declining balance methods.

Example: Enter an asset of "DDB" with a 10 year life with the effective rate as "0.2000." Enter an effective rate for pre-ACRS ("Old Law") assets only.

Note: For amortizable assets, enter the life in the number of months. Do not enter a decimal rate.

Caution: Depreciation cannot be computed correctly without an entry in the "Life/Rate"field. The life defaults to an appropriate life based on the method entered.