Intangible Personal Property

Intangible Personal Property

Property, other than real property, with no intrinsic value; its value lies in the rights conveyed. Examples include cash, insurance, stock, goodwill, and patents.
References in periodicals archive ?
Intangible personal property supplied to a nonresident who is not GST/ HST-registered may also be zero-rated, except for the following:
The proposed amendments to subdivision (d)(2) clarity that a party's entire return, including foreign tax returns, and all attachments, schedules, and worksheets must be provided; the intangible personal property tax return was deleted as archaic.
Such leasehold or other interest shall be taxed only as intangible personal property pursuant to chapter 199, Florida Statutes 2005, if rental payments are due in consideration of such leasehold or other interest.
taxation of resident income and intangible personal property wherever
Property, which is considered intangible personal property and is therefore not subject to federal gift tax when given by a NKNC, includes:
If your business provides services or intangible personal property, the rules are more complicated.
In contrast, a cooperative apartment will generally be considered intangible personal property, because it consists of an interest in the shares of a U.
It determines a person's liability for state and local income taxes; liability for state and local gift and estate taxes; potential limitations on the right to choose fiduciaries such as executors or trustees; rights of surviving spouses to take against a will; community property rights between spouses; divorce and child custody issues; availability of homestead exemptions or similar laws that reduce real estate taxes on a primary residence; where wills must be probated; how property is passed if there is no will; liability for intangible personal property tax on stocks, bonds, and savings accounts; and the ability to vote in state and local elections.
This rule does not apply to gifts of undivided present interests, or to gifts of future interests in real property or in intangible personal property.
The appraisal of a nursing facility typically involves the valuation of the total assets of the business, including the real estate interest and the tangible and intangible personal property assets.
The determination of whether intangible personal property is of a like-kind to other intangible personal property depends on the nature or character of the rights involved and also on the nature or character of the underlying property to which the intangible personal property relates.
So the extent to which the purchase price can be allocated to tangible and intangible personal property can have a big impact on your tax bills.