Fixed assets/depreciable property (1) is both tangible and intangible property used for business or held for the production of income; (2) has a determinable useful life exceeding one year; and (3) wears out, decays, becomes obsolete or loses value from natural causes.

Fixed assets/depreciable property include such tangible property as land, buildings, furniture, fixtures, office equipment, computers, and motor vehicles.  Intangible property would include goodwill, patent, franchise or trademark

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