intangible property


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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.

References in periodicals archive ?
When a company is leasing transponder capacity only for the right to use Federal Communications Commission-designated frequencies, such a right is intangible property excluded from the property factor.
Most significantly, the new rules replace current regulations that apply to intangible property and substantially modify rules relating to sales of tangible property.
Loomis golf shaft designs, machinery, tooling and other intangible property used in the manufacture of graphite golf shafts, shaft inventory, and continued use of the G.
iii) Real property that does not give rise to rental of similar income, to the extent used or held for use in the controlled foreign corporation's trade or business; (iv) Intangible property (as defined in section 936(h)(3)(B)), goodwill of going concern value, to the extent used or held for use in the controlled foreign corporation's trade of business.
Finally, taxpayers must capitalize amounts paid to another party to defend or perfect title to intangible property if the other party challenges the taxpayer's title to the intangible property.
A transaction means the physical receipt of cash or foreign currency from a purchaser of goods, services, or personal, real or intangible property.
Excluding real property such as buildings and intangible property such as contracts, stocks and bonds, personal property includes almost all other tangible, movable objects, including cars, trucsk, furniture, clothes, computers, books, magazines, food, drinks, supplies and machinery and equipment.
In addition to the receipts-factor sourcing issue, the Disney Enterprises ruling also addressed the lack of "factor representation" for intangible property that generated substantial royalties for the taxpayer in the form of intellectual property licensed to third parties.
Hubbard suggested that a taxpayer is required to know the amount of the charitable contributions of intangible property for tax deduction purposes, as well as the amount of the Schedule M adjustment.
As expected, the additional overhead and amortization of goodwill and other intangible property associated with this strategic acquisition, and the increased investment in international sales and marketing, led to higher operating expenses of $4.
Tangible personal property is property other than real estate or intangible property (such as stock or debt securities) and would include contributions of art objects, jewelry, antiques, books, automobiles, yachts, etc.
Permitted TPMs--largely analogous to those for tangible and intangible property transfers but carefully tailored to services--are: (i) comparable uncontrolled services price method; (ii) gross services margin method; (iii) cost of services plus method; (iv) comparable profits method (CPM); (v) simplified cost-based method; and (vi) profit split method.