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asset definition - legal

n

  1. Any property or right that is owned by a person or entity and has monetary value. See also liability.
  2. All of the property of a person or entity or its total value; entries on a balance sheet listing such property.
capital asset
For income tax purposes, most property of the taxpayer except for a few certain business assets (for example, inventory and stock in trade) and other property excluded by the Internal Revenue Code.
intangible asset
An asset that is not a physical thing and only evidenced by a written document. For example, a debt that is owed to a taxpayer is an intangible asset.
tangible asset
An asset that is a physical thing, such as land, buildings, and goods.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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