capital assets

capital assets
Assets which are held other than as trading assets.
+ capital assets
USA
All property held by a taxpayer unless specifically excluded under the IRC (IRC § 1221(a)). The following types of property are generally excluded from the definition of capital asset:
• Stock in trade or other inventory property.
• Property held primarily for sale to customers in the ordinary course of business.
• Depreciable property used in a trade or business.
• Real property used in a trade or business.
• Certain copyrights, literary, musical or artistic compositions or other similar properties.
• Accounts or notes receivable acquired in the ordinary course of a trade or business for services rendered, or from the sale of property described above in the first two bullets.
• Certain US government publications.
• Commodities derivative financial instruments held by commodities derivatives dealers.
• Any hedging transaction.
• Supplies of a type that are regularly used or consumed in the ordinary course of a trade or business.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

capital assets
n.
   equipment, property, and funds owned by a business.
   See also: capital, capital account

Law dictionary. . 2013.

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