date of acquisition

Definition

The date on which an asset is purchased as indicated on a contract or certificate. Used in tax accounting to determine the cost basis and holding period of the asset for proper tax classification.

Use date of acquisition in a sentence

You should always make sure that you remember the date of acquisition because you will need to know it later on.

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The date of acquisition was last year, this information was vital to assess the value of the asset to our project.

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The lawyer requested that the date of acquisition for the used car was made very visible on the contract before the buyer signed it.

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date draft fixed asset register