Dictionary Home » Legal Definitions » asset

asset legal definition

noun

Any property or right that is owned by a person or entity and has monetary value. See also liability.
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.