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CAPITAL ASSET
1. asset purchased for use in production over long periods of time rather than for resale. It includes (a) land, buildings, plant and equipment, mineral deposits, and timber reserves; (b) patents, goodwill, trademarks, and leaseholds; and (c) investments in affiliated companies.
2. in taxation, property held by a taxpayer, except cash, inventoriable assets, merchandise held for sale, receivables, and certain intangibles.
3. FIXED ASSET usually consisting of tangible assets such as plant and equipment and intangible assets such as a patent.
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