Definition: The money that a business has left over, measured at the end of a quarter (ie, three months) or year, after paying all the expenses, costs and taxes required to run the business. It is the final figure shown on a company’s Income statement, and is also known as Net profit and Earnings.
Definition: A law that allows depreciation of equipment (and other assets) in the early years of its life to be larger than it would be under the straight-line method. This lowers a company’s income taxes. MACRS was introduced 1986. It modified the Accelerated Cost Recovery System (ACRS) that was introduced in 1981 and itself modified in