Tangible personal property

Tangible Personal Property
Business Dictionary:
Tangible Personal Property
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Tangible Personal Property
Assets other than real estate that physically exist. Business equipment and vehicles are tangible personal property whereas stock certificates and franchises only represent value and are therefore intangible property.

Tangible personal property can be either 'like-kind' or 'like-class'.
Intangible personal property must be 'like-kind'.
You must identify the property to be received within 45 days after the date you transfer the property given up in the exchange.

Tangible Personal Property
An tax term describing personal property that can be physically relocated, such as furniture and office equipment.

any tangible personal property normally used for personal, family, or household purposes.
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Intangible personal property: Generally, property not attached to land that you cannot hold or touch (for example: copyrights, business goodwill, etc.).
Inventory: Goods that are held by a business for sale to customers.

Counties and school districts and municipalities usually are, and special tax districts may be, authorized by law to levy ad valorem taxes on property other than intangible personal property.

To qualify for this expensing election, the property that you purchase must be tangible personal property, that you actively use in your business, for which a depreciation deduction would be allowed.

Ad valorem tax is based on an assigned valuation (market or assessed) of real property and, in certain cases, on a valuation of tangible or intangible personal property.

A statement or estimate of the market value of tangible personal property or real estate.

INCORPOREAL PROPERTY - intangible personal property lacking in physical substance, such as property rig...
INCORPOREAL RIGHT - A nonpossessory right in real estate; for example, an easement or a right of-way.

When tangible personal property is sold, the tax gain is based on the difference between the asset's adjusted basis and the selling price.

Under the rules, taxpayers are required to capitalize the direct costs and an allocable portion of the indirect costs attributable to real and tangible personal property produced or acquired for resale.

See also: Personal property, Expense, Capitalized, Saving, Internal revenue code