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ASSET

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A tangible or intangible thing of value or interest that a person or company owns or holds. See Cross-links: 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 Cross-links: 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 Cross-links: 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 Cross-links: ACCOUNTING under "Accounting Period," PROPERTY under "Real Property," TAX DEDUCTIONS under "Depreciable Business Property."

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