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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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