Richard Paine explains why depreciation is a very specialized section of the tax laws, especially when it comes to your fleet assets. The Great Lakes Towing tug “North Dakota” was built as the “John M. Truby” in 1910 at a cost of $18,576.23. After 102 years, she still plies the waters of the Great Lakes daily, working hard and reliably for her owner. A recent survey valued her at over $500,000.00. Eventually, everything ages and wears out. You do, your car does, and so do your copier and computer. As they travel through their useful life and wear out, their value diminishes. When you drive off in your new car, fresh off the dealer’s lot, you can, to paraphrase Ross Perot, hear the sucking sound of a couple of thousand dollar bills flying out the window.