asset
as·set /'a-ˌset, -sət/ n [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough]
1: the entire property of a person, business organization, or estate that is subject to the payment of debts
— used in pl. compare equity
2: an item of property owned
admitted asset: an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry
appointive asset: an asset in an estate that is to be distributed under a power of appointment
capital asset: a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business; specif: any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code)
cur·rent asset: a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash
equitable asset: an asset esp. in an estate that is subject to the payment of debts only in a court of equity
fixed asset: a tangible asset (as a piece of equipment) that is of a permanent or long-term nature
intangible asset: an asset (as goodwill or a patent) that does not have physical form
marital asset: an asset acquired by either spouse or both spouses during a marriage
◇ Marital assets are generally subject to equitable distribution on divorce.
net assets
1: the excess of assets over liabilities – called also net worth;
2: admitted assets considered as a whole
net quick assets: the excess of quick assets over current liabilities
non·ad·mit·ted asset: an asset not allowed by law to be included in determining the financial condition of an insurance company because it cannot be quickly converted into cash without incurring a loss compare admitted asset in this entry
quick assets: cash, accounts receivable, and other current assets except inventories
tangible asset: an asset that has physical form and is capable of being appraised at an actual or approximate value
wast·ing asset: property (as a copyright or oil well) that will eventually expire or be used up and lose its value

Merriam-Webster’s Dictionary of Law. . 1996.

asset
index advantage, chattel, holding (property owned), item, possession (property), resource, share (stock)

Burton's Legal Thesaurus. . 2006


asset
n.
Something of value; real or personal property worth money.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


asset
Generally, any property that has value, whether monetary or sentimental. As used by the IRS, the term means any property with a value and useful life of at least one year that is used in a trade or business — for example, machinery, buildings, vehicles, equipment, patents, and money held by or owed to a business. (See also: capital asset, hidden asset, depreciable asset, fixed asset, liquid asset)
Category: Bankruptcy, Foreclosure & Debt
Category: Business, LLCs & Corporations
Category: Divorce & Family Law
Category: Personal Finance & Retirement
Category: Real Estate & Rental Property
Category: Small Claims Court & Lawsuits
Category: Wills, Trusts & Estates

Nolo’s Plain-English Law Dictionary. . 2009.


asset
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. . 2000.


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.

Dictionary from West's Encyclopedia of American Law. 2005.


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.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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.

Law dictionary. . 2013.

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