NAC706.401918. “Depreciation” defined.

Latest version.

1. “Depreciation,” as applied to operating property, means the loss in service value not restored by current maintenance that is incurred in connection with the consumption or prospective retirement of property in the course of service from causes which are known to be in current operation and against which the company is not protected by insurance.

2. As used in this section, “causes” includes, without limitation, wear and tear, decay, action of the elements, inadequacy, obsolescence, changes in the art, changes in demand and the requirements of public authorities.

(Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002)

                    
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