FindLaw Legal Dictionary
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salvage value n
1 : the value of damaged property
2 : the actual or estimated value realized on the sale of a fixed asset at the end of its useful life NOTE: Salvage value is used in calculating depreciation.
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.