ACRS Definition

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ACRS is Accelerated Cost Recovery System.

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EMBEZZLEMENT is the fraudulent appropriation and personal use of funds or property entrusted to that persons care but actually owned by someone else, e.g. an employee can embezzle money from his or her employer, a civil servant can embezzle funds from the treasury, or a pastor can embezzle funds from a church. See also THEFT and WHITE COLLAR CRIME.

FEE SIMPLE DETERMINABLE is a fee simple which automatically comes to an end when a stated event occurs or, perhaps, fails to occur.

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