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intangible property

   Also found in: Legal, Wikipedia 0.02 sec.
intangible property

Something that is nonphysical, noncurrent, and exists only in connection with something else. Business goodwill is intangible property—it does not exist by itself; it cannot be seen,touched,smelled,or heard; and it cannot be sold separately from something else,because even the goodwill built up in a particular business name cannot be sold separately from the name. Intangible property is usually exempt from property taxes.



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While the new regulations focus on intercompany services aspect, they also importantly apply to intangible property to the extent it is imbedded in such services.
Stated more generally, a participant uses the intangible property for its own purposes rather than in a joint activity with other participants.
There is relatively little IRS guidance on exchanges of intangible property under Sec.
 
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