economic life

(redirected from Useful life)
Also found in: Financial.

economic life

[‚ek·ə′näm·ik ′līf]
(industrial engineering)
The number of years after which a capital good should be replaced in order to minimize the long-run annual cost of operation, repair, depreciation, and capital. Also known as project life.
References in classic literature ?
To watch, teach, "form" little Flora would too evidently be the making of a happy and useful life. It had been agreed between us downstairs that after this first occasion I should have her as a matter of course at night, her small white bed being already arranged, to that end, in my room.
On the very night after his capture the aneurism burst, and he was found in the morning stretched upon the floor of the cell, with a placid smile upon his face, as though he had been able in his dying moments to look back upon a useful life, and on work well done.
Along the path of a useful life, Will heartsease ever bloom.
Cato says that the profits of agriculture are particularly pious or just (maximeque pius quaestus), and according to Varro the old Romans "called the same earth Mother and Ceres, and thought that they who cultivated it led a pious and useful life, and that they alone were left of the race of King Saturn."
"If, when I tell you, dearest dear, that your agony is over, and that I have come here to take you from it, and that we go to England to be at peace and at rest, I cause you to think of your useful life laid waste, and of our native France so wicked to you, weep for it, weep for it!
It is an inspiring sight when one stands on the platform there and sees before him eleven or twelve hundred earnest young men and women; and one cannot but feel that it is a privilege to help to guide them to a higher and more useful life.
The regulation requires that an asset's estimated useful life be determinable with reasonable accuracy.
One of these exceptions is an adjustment in the useful life of a depreciable asset.
Although it is not required, disclosure of the average useful life or range of years of useful life by class of depreciable assets is a good idea.
An intangible separate from going concern and goodwill is amortizable if it is a wasting asset with a reasonably ascertainable useful life.
1.167(a)-1(b) that "useful life" for depreciation means "the period over which the asset may reasonably be expected to be useful to the taxpayer in his trade or business." (Emphasis added.) Relying on this regulation, the district court concluded that the Tenth Circuit had incorrectly interpreted the term "used by" in asset class 13.2.