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Nolo’s Plain-English Law Dictionary

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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)
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