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A tangible or intangible thing of value
or interest that a person or company owns or holds. See: INVENTORY,
GOOD, COST under "Fixed Costs," PROPERTY under "Depreciable
Business Property."
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Capital Asset:
1) A property asset, either business or personal, that has a substantial life. See: CAPITAL GOOD, INVESTMENT, CAPITAL under "Property Capital."
2) In tax law, generally, anything a person owns and uses for
personal purposes, pleasure, or property he holds for investment,
e.g., a person's house, car, jewelry, album collection, invention,
purchased exclusive right in copyright, etc.. Exceptions to this
general rule are called "noncapital assets," e.g., a
copyright held by the creator of a copyrighted work (or his donee),
property held for sale to customers, depreciable property used
in a trade or business (even where fully depreciated), accounts
or notes receivable acquired via trade or business activities,
stock in trade, and others defined by tax law. For more detailed
information obtain tax publications #544 and #551 from any IRS
office. See: ASSET
under "Noncapital Asset," PROPERTY
under "Business Property," TAX LAW under "Eisenhower
Amendment," and "Capital Gain."
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Fixed Asset:
1) A business asset that is not readily available for liquidation because it is used as a direct or indirect means to produce goods or services, e.g., land, a building, or equipment.
2) In accounting, an asset that is not consumed or liquidated during the current accounting period.
See: ACCOUNTING under "Accounting Period," PROPERTY under "Real Property," TAX DEDUCTIONS under "Depreciable Business Property."
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