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************************************************************************** USAGE / NAVAL / AFCE / NASA UFGS40 05 13 (October 2007) Change 1 08/17 Preparing Activity: USAGE Superseding UFGS40 05 13
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Division 40 - process refers to the section of tax law that deals with deductions for the decline in value of certain assets over time.
Taxpayers who own depreciable assets such as property, plant, or equipment are required to file division 40 - process.
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The purpose of division 40 - process is to allow taxpayers to claim deductions for the decline in value of their depreciable assets, reducing their taxable income.
Taxpayers must report the decline in value of their depreciable assets, the method used to calculate this decline, and any other relevant information.
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