Business, Legal & Accounting Glossary
Property from point of view of tax law is classified into real property and personal property. Terms like real property and real estate are mostly used in common law. Civil law jurisdictions, however, refer to it as immovable property. Immovable property comprises land along with any permanently affixed structure to that land (like a building). Personal property is alternatively known as chattel or personalty. Personal property is further classified into tangible and intangible. Tangible property includes things like cars, animals and clothing. Intangible property, also called abstract property includes things like stocks and bonds ( financial instruments) and intellectual property (like trademarks, patents and copyrights).
Property tax laws differ from one nation to another. Applicable tax rates vary as per classification of a property. Houses, offices, motels, restaurants, shopping centres, and apartment buildings are all examples of real property. Personal property is mobile by nature. Cars, computers, boats, inventories, livestock, household goods all can be classified as personal property. Generally, property tax jurisdictions shy away from taxation of intangible property.
It includes things like trade secrets, copyrights, trademarks, trade names, and patents. Trade secrets are actually unpatented mass of information, which lies outside the public domain. In a manufacturing process material sources, franchise management protocols, marketing plans, results of R&D operations, best methods, test results, and databases all may be termed as trade secrets.
Trademark means service mark. It is basically any configuration (a word or symbol or a combination), which differentiates products of a company from its competitors. A Patent refers to some exclusive rights, which are granted by a country’s government to an inventor for a definite time period. Process of granting patents, patentee requirements, extent of exclusive rights all vary among nations depending upon their constitutional and legal framework. Copyrights are important issues for content providers like publishers of books, music movies, and computer software companies.
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This glossary post was last updated: 27th March, 2020 | 1 Views.