Scotty's videos really helped me understand and keep hope. I hope Scotty hanging up his cleats means there is no more need for his videos and we are entering the Great Awakening. Just as Moses led the Israelites to the Promised Land, but could not enter with them.
The cost of any production asset that has a declining value over time is recognized on a company profit and loss by depreciation, which defines the rate by which an asset can be expensed. If a company buys a delivery truck they can recognize about 20% of the cost per year. If the truck cost $75000 they can reduce their taxable income by 15k per year. In this way the company recognizes the cost of the asset over its useful life, matching expenses of the asset more closely to the revenue it generates. The other option would be to deduct the entire cost of the truck in the year it was purchased. This gives the company to large of a deduction and rewards companies for overspending on new assets.
Oil wells are similar in that a large purchase price is paid which then supports production and revenue over a period of years. As oil is removed from the well, the value of the well is reduced. Like depreciation on other assets, the depletion allowance allows the enterprise to recognize the cost of the reserve over the productive life of the field.
"Peter, you are rock. And on this rock I build my church. The gates of hell shall not prevail against her." Mt 16:15
The church is the mystical body of Christ. It is not perfect, but it is the best we've got. Satan has infiltrated the Church at its highest levels - the "smoke of Satan" has been in the Vatican for a long time. That doesn't mean that we abandon the Church. We are living through times when every institution is being infiltrated. That does not mean every institution should be eliminated.
Great work! I'm 60. When I hit 290 middle last year, I knew I had to change. I'm now at 257, on my way to 215, which would put me at a 34 inch waist, same as when I was in high school.
A doctor once told me "There are fat men, and there are old men. There are no old fat men."
I think the US government can do better than 5%. How 'bout 50% for starters?