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capital asset |
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Capital Asset A long-term asset that is not bought or sold in the regular course of business. Notes: Examples include land, buildings, machinery, etc. Generally, these are assets you can't turn into cash quickly.Capital asset A long-term asset, such as land or a building, not purchased or sold in the normal course of business.
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In Hort and Lake, the Supreme Court narrowed the definition of capital asset by establishing the "substitute for ordinary income" exception. The IRS denied the deduction, claiming that the policy was a capital asset and that only 10% of the policy cost was deductible that year. Parsons Brinckerhoff, a 100-year old international design, planning, and facilities firm, has announced a firmwide initiative to provide Capital Asset Management (CAM) services. |
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