Asset

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Asset

Real or Personal Property, whether tangible or intangible, that has financial value and can be used for the payment of its owner's debts.

An accrued asset is one that arises from revenue earned but not yet due. For example, an accrued dividend is a share of the net earnings of a corporation that has been declared but has not yet been paid out to its shareholder(s).

In Bankruptcy, an asset is any form of property owned by a debtor who is insolvent that is not exempt from being used to repay debts.

For Income Tax purposes, a capital asset is property held by a taxpayer for personal enjoyment or investment, such as a home, furniture, stocks and bonds, or an automobile, but does not include inventory, commercial accounts, and notes receivable, depreciable property, commercial property, copyrights, and short-term government obligations. When a capital asset is sold, any gain received is given preferential tax treatment.A current, liquid, or quick asset is an item that can be readily converted to cash, such as stocks and bonds.

A fixed asset is one of a permanent or longterm nature used in the operation of a business and not intended for sale.

A frozen asset is one that cannot be easily converted into cash, such as real estate when there is no market, or that cannot be used because of a legal restriction, such as a spend-thrift trust.

An intangible asset is one to which an Arbitrary dollar value is attached because it has no intrinsic market value but represents financial value, such as the good will of a business, Trademarks, or Patents.

asset

n. generally any item of property that has monetary value, including articles with only sentimental value (particularly in the estates of the dead). Assets are shown in balance sheets of businesses and inventories of probate estates. There are current assets (which includes accounts receivable), fixed assets (basic equipment and structures), and such intangibles as business good will and rights to market a product.

See: advantage, chattel, holding, item, possession, property, resource, share, stock
References in periodicals archive ?
Even if you don't have business assets, there are other planning arrangements which can, over time, cut the eventual IHT bill.
Trading companies whose shares are to be business assets must not have any non-trading activities if these are capable of having a "substantial" effect on the nature of the company's activities.
The AMT calculations do not include an adjustment for gain on sale of business assets.
The most straightforward decision the Government could make immediately would be that, for business assets only, the pre-PBR 2007 regime would continue unchanged.
By April 2000, the definition of business assets was very wide, including shares in unquoted trading companies, most employee owned shares and many AIM shares.
In addition, the Inland Revenue has widened the definition of loan notes - which are often used instead of cash in company takeovers - which qualify for business asset taper relief.
The acquiring corporation must either continue the acquired corporation's historic business or use a significant portion of its historic business assets.
And because the Government has pledged to halve the holding period for maximum taper for a business asset to only two years in next March's Budget, this could give a better short term result than keeping a shareholding that only partially qualifies,'' she said.
The roots of the new proposals are set in the Finance Act 2000, which relaxed the rules governing capital gains tax business asset taper relief.
Any asset held by the controlled corporation as a trade or business asset is generally treated as a trade or business asset held by the controlling corporation; and
OTC: UDWK) has sold its business assets to a subsidiary of US-based financial services firm Bankers Bancorp of Oklahoma, Inc.
The acquired business assets include residential, commercial, and industrial solid waste collection, processing/recycling and transfer operations, equipment, vehicles, real estate and customer agreements.

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