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Saturday, 26 July 2008
 
 

Is It a Fixed Asset?

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Is It a Fixed Asset?

I often am asked this question by bookkeepers and business owners alike. The Internal Revenue Service defines a fixed asset as property used in a trade or business or in an income producing activity that wears out or becomes obsolete and it must have a determinable useful life substantially beyond the tax year. This might include tangible real estate property and personal property and what is referred to as intangible property.
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