You have entered an incorrect email address! Save my name, email, and website in this browser for the next time I comment. However property can also be non-physical or “intangible”. Patents, copyrights, trademarks, and goodwill etc are intangible assets.Such assets produce economic benefits but you can’t touch them like other physical assets like Property Plants and Equipment (PPE). Example: Intangible property includes patents, trademarks, trade secrets, copyrights, debts, and company good will. How can I (his lawful heir) find out from Paypal what this is exactly? IAS 32 defines financial asset in para 11 and if we look at the definition then Cash has been explicitly mentioned in the definition. New personal finance-savvy you. Intangible property, unlike physical property, is also non ‐ zero ‐ sum. It is a non-monetary asset i.e. The mantra of Goldbugs has been that paper money is worthless and only gold is money. The residuary beneficiaries argued that the bequest of personal property was limited to household items and tangible personal property and that intangible personal property, including the money in bank accounts, and real property were subject to the will’s residuary clause to them. Even though intangible property cannot be seen, it has some sort of value, which classifies it as property. Any Intangible asset which has limited life is called as Definite Intangible assets. New decade. Contents; 1. [citation needed]In English law and some Commonwealth legal systems, items of tangible property are referred to as choses in possession (or a chose in possession in the singular). It is useful to note that there are two forms of intangible property: legal intangible property (which is discussed here) and competitive intangible property (which is the source from which legal intangible property is created but cannot be owned, extinguished, or transferred). Land and buildings are called real property or real estate. Have any assets that qualify as intangible property? real estate and money in its various forms. Interestingly, IASs provides no definition regarding Tangible asset, however (surprisingly) intangible asset has been defined. Due to this characteristic, intangible property may be difficult to value, but is still a form of property. Intangible property is defined as property that has no intrinsic and marketable value, but is merely the representative or evidence of value, such as certificates of deposit, bonds, promissory notes, copyrights and franchises. Does a claim have to belong to an actual person? we can distinguish between one asset and the other, It is a non-monetary asset i.e. Even if IASs do not define tangible asset, they have defined another kind of assets called financial asset. Intangible. Intangible Personal Property. intangible property" at Paypal. The letter from Jaime Rose is NOT a fake. Though an individual may not be able to view or touch an intangible asset, it can still be extremely valuable. In the clearest case, when I eat an apple there is one less Money can be the subject of conversion if the specific money in question can be identified[xxi]. For estate planning purposes, all of a person’s property can be divided into two general categories: real property and personal property. denied, 498 U.S. 1105 and 498 U.S. 1110 (1991). Intangible personal property is an item of individual value that cannot be touched or held. TANGIBLE PROPERTY. Intangible Assets further divided into two categories (a) Indefinite (b) Definite. Since that date over 80 clients have attended our private dinner function to showcase these new professional services. (You can sell a tangible asset.) Forecasts were wide-ranging when it comes to predicting how much damage the pandemic caused. Tangible assets, on the other hand, are more often associated with short-term success, cash flow, and overall working capital. Blog/Uncategorized Posted Aug 1, 2013 by Martin Armstrong. In most cases, it is companies that possess intangible assets, such as business contracts. All Rights Reserved. Oftentimes intangible assets play into your company's long-term growth. Intangible personal property, such as stocks, bonds, and other forms of business ownership, as well as intellectual property… we can distinguish between one asset and the other. Money is tangible property. Bankrate.com is an independent, advertising-supported publisher and comparison service. We tend to think of property as physical or “tangible” stuff: money, cars, real estate, furniture, jewelry, pens and so on. This compensation may impact how, where and in what order products appear. We tend to think of property as physical or “ tangible ” stuff: money, cars, real estate, furniture, jewelry, pens and so on. Intangible personal property as below defined shall not be subject to ad volorem tax or to any other tax in lieu of ad valorem tax within this State:(a) Money and cash on hand, including currency, gold, silver, and other coin, bank drafts, certified checks, and cashier's checks. Check Bankrate’s glossary. Both types of property have economic value expressed in dollars. Sir that is a very best answer given by you. Intangible personal property as below defined shall not be subject to ad volorem tax or to any other tax in lieu of ad valorem tax within this State:(a) Money and cash on hand, including currency, gold, silver, and other coin, bank drafts, certified checks, and cashier's checks. Intangible property refers to non-physical property. However, despite your inability to actually see the property, the property still has some type of actual value which the law recognizes and protects. intangible property: n. items such as stock in a company which represent value but are not actual, tangible objects. An intangible asset is an identifiable non-monetary asset without physical substance. An exception exists, however, when a plaintiff can allege that the defendant converted specific segregated or identifiable funds. Methods, programs, systems, procedures, campaigns, surveys, studies, forecasts, estimates, customer lists or technical data. The term tangible personal property includes all personal property possessing a physical existence, excluding money. While depreciation is used to continually value tangible assets, intangible assets use amortization. Copyrights and literary, musical or artistic compositions. The term intangible personal property includes all other personal property, including money. Personal property is everything else. It is useful to note that there are two forms of intangible property: legal intangible property (which is discussed here) and competitive intangible property (which is the source from which legal intangible property is created but cannot be owned, extinguished, or transferred). Example: Intangible property includes patents, trademarks, trade secrets, copyrights, debts, and company good will. Madeoy, 912 F.2d 1486, 1492 (D.C. Cir. An intangible asset is an asset that does not physically or materially exist. Real property, such as real estate, land, and buildings; Cash, including money in checking accounts, savings accounts, and money market accounts, etc. I, § 4, p. 545 C.S.1922, § 5811 An intangible asset is a useful resource without any physical presence. If you were in a creative industry and decided to start selling clothing patterns that you designed and drafted, these patterns would be considered intangible property. Both types of property have economic value expressed in dollars. Intangible personal property includes assets are the opposite of that. Intangible property is used in distinction to tangible property. The IRS defines intangible property as that which includes, but is not limited to, commercially transferable interest in items, included within the following categories: As you can see above, the concept of intangible property encompasses a great many categories, many related to creative or intellectual property. Here are 7 steps to recession-proof your finances, Survey: America’s top economists expect double-digit unemployment rate into 2021, Survey: Coronavirus outbreak has the potential to threaten US economic growth, Privacy policy / California privacy policy. On a balance sheet, cash assets are classified as tangible property and are booked accordingly, generally under current assets. My Will says that attached to the Will document may be a list of tangible personal property … The Tangible and the Intangible Measure of Money This month marks the month that we first launched our Private Client Wealth Division to a pilot group of existing customers. Both types of property can be used, bought, sold, given away, taxed and bequeathed to heirs even though their nature is very different. Intangible property refers to non-physical property. Intangible property is used in distinction to tangible property. Definition & concept of property Property has a very wider meaning in its real sense. 1990) (a FHA insurance commitment, by which the Government promises to pay the lender if the borrower defaults on the loan, is a "property interest," not an "intangible right" because it involves the Government's "control over how its money [is] spent. Money became intangible post-1650 BC (REPRESENTATIVE) and based solely upon CONFIDENCE that others will also accept whatever the form of payment might be. Out of work due to coronavirus? A trust is a relationship whereby one person for the benefit of another manages property, including tangible and intangible. If you have a will, then your property will pass to your beneficiaries just as you intended. Have a personal finance question? Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access An intangible asset is an asset that does not physically or materially exist. Examples include bank account, stocks, bonds, insurance policies and retirement benefit accounts. Knowing what you want to buy, how much you can afford to spend and how to spot a good deal will help you make savvy shopping choices on Cyber Monday. Money has historically been many things and gold is only one of them. Property is any item that a person or a business has legal title over. You’ll be grateful to have this paperwork with you once the calamity has passed. Since that date over 80 clients have attended our private dinner function to showcase these new professional services. Intangible property (example; a check account) lacks this … Patents, inventions, formulae, processes, designs, patterns, trade secrets or know-how. It is difficult to see how in this day and age of … Both types of property can be used, bought, sold, given away, taxed and bequeathed to heirs even though their nature is very different. But we do have a solution to this debate. Which certificate of deposit account is best? Examples of intangible property include stock, bonds, debt obligations, and bank deposits. Even though many accountants are of the view that as cash has physical substance therefore it is a tangible asset but I disagree as cash does not hold value in itself rather it is just a certificate of the value and if we start taking this certificate as the evidence of tangibility of cash then what do you think about a formula written on the piece of paper. Tangible property in law is, literally, anything which can be touched, and includes both real property and personal property (or moveable property), and stands in distinction to intangible property. Formulas for determining the worth of this property are complex and often require measuring the time invested in development of the property as well as the rarity or desirability of it. One’s estate plan, whether it is a will-based plan or a trust-based plan, will generally dispose of one’s real property and intangible personal property, i.e. In most cases, it is companies that possess intangible assets, such as business contracts. Join our private Facebook group and get answers from Bankrate’s experts. You would need to protect them for the sake of your brand name and for legal and accounting purposes. Should this question be included in any debate on the definitions of cash being a financial asset ? Tangible property is the most common form of asset. Here’s what it means. On the other hand, business furniture and equipment are examples of tangible personal property. Intangible property, unlike physical property, is also non ‐ zero ‐ sum. A unique category of property is money, which in some legal systems is treated as tangible property and in others as intangible property. Sometimes the value of intangible property is tied to the owner of the property, establishing the link between the owner and the intangible property. That is pretty much like saying the earth is still flat. "), cert. This is best witnessed in accidents in which the value of property destroyed -such as the motor vehicle, aeroplane, ship or building involved are regrettably mourned more … Intangible Assets. You can own tangible personal property and intangible personal property. Sometimes the value of intangible property is tied to the owner of the property, establishing the link between the owner and the intangible property. Protecting these assets is critical to the continued operation of these companies because the intellectual manpower and creativity represented by this intangible property is the main product that they offer. Teaching professional business subjects to the students of FIA. Any Intangible asset which stays longer with the company is called Indefinite Intangible assets. That which may be felt or touched; it must necessarily be corporeal, but it may be real or personal. Due to this characteristic, intangible property may be difficult to value, but is still a form of property. A trust is created by a settlor, who entrusts all or some of their property to people of their choice identified as trustees. Examples of intangible property include stock, bonds, debt obligations, and bank deposits. (You can sell a tangible asset.) Some intangible property might have a paper embodiment, (such as stocks, bonds, or certificates) but other intangible property does not (goodwill, intellectual property, reputation). other than cash and cash equivalents. The point is, “property” is something that that is owned by someone. Such property will pass to its intended beneficiary without a will. The COVID-19 pandemic has upended tipping etiquette. In an increasingly digital age, definition of and protection for this property is critical. I first called the number on the letter, then looked the address up on google maps, it is a paypal office in Lavista Nebraska. goods. Some intangible property might have a paper embodiment, (such as stocks, bonds, or certificates) but other intangible property does not (goodwill, intellectual property, reputation). Property without a physical existance. However property can also be non-physical or “ intangible ”. Intangible personal property refers to property that represents a value rather than an actual physical object. For instance, the transfer of Treasury Bills not subject to gift tax, see PLR 8210055 which held as follows: In general, section 2501 does not tax the transfer of intangible property by a person who is neither a citizen nor a resident of the United States. intangible property: n. items such as stock in a company which represent value but are not actual, tangible objects. Here’s what you can do to help lessen the financial blow. Land and buildings are called real property or real estate. Tangible assets, on the other hand, are more often associated with short-term success, cash flow, and overall working capital. Why residual value (salvage value) is not allocated to the useful life of a depreciable asset? Even though intangible property cannot be seen, it has some sort of value, which classifies it as property. Intangible assets are non-physical assets that play a role in your company's success, even if you can't see them. ... car wreck has a right to sue the other party to recover medical expenses and other damages in the form of a payment of money or property. Can we consider formula as tangible now? You can own tangible personal property and intangible personal property. Intangible property is property that has value but that is not tangible. All intangible assets should be recorded on a company balance sheet as long-term assets. According to the uniform probate code Section 2-513 cash is not considered tangible personal property (despite it being tactile and moveable) and neither are stock certificates but apparently it can vary by state law. The residuary beneficiaries argued that the bequest of personal property was limited to household items and tangible personal property and that intangible personal property, including the money in bank accounts, and real property were subject to the will’s residuary clause to them. Of course not. Tangible property refers to any physical possession that can be held and managed, including real and personal property. Tangible v Intangible Money – Why Times Have Changed . Property that has physical substance and can be touched; Anything other than real estate or money, including furniture, cars, jewelry and china. Read on! For example Companies brand name which stays as long as it continues operation. Intangible assets are things that are useful and/or valuable but aren’t physical. Historically, cash currency was often viewed as intangible property, despite the fact that it could be seen and felt, because it was backed with gold or silver and thus represented value rather than having a … One’s estate plan, whether it is a will-based plan or a trust-based plan, will generally dispose of one’s real property and intangible personal property, i.e. Tangible personal property has physical substance and can be touched, held and felt. Property without a physical existance. Any help from you all will be greatly appreciated.--- … It is without physical substance. An intangible personal property is a type of property that has no physical dimensions and as such, cannot be seen. Here’s what it means. My Will says that attached to the Will document may be a list of tangible personal property and … I called paypal directly and after struggling a bit with the customer service person, because this unclaimed money was on my son's extinct college email account, I retrieved $457. Gold is a LUXURY — it is not a TANGIBLE based monetary unit for it has no utilitarian value whatsoever. Patents, software, trademarks and license are examples of intangible property. Intangible property (example; a check account) lacks this physical quality. Intangible. Intangible assets are non-physical assets that play a role in your company's success, even if you can't see them. People also ask, is money an intangible property? That is pretty much like saying the earth is still flat. However, despite your inability to actually see the property, the property still has some type of actual value which the law recognizes and protects. Money has historically been many things and gold is only one of them. The general rule is that money is an intangible and therefore not subject to a claim for conversion[xxii]. Intangible property is a money term you need to understand. Examples include furniture, cars, baseball cards, comic books, jewelry and art. The letter from Jaime Rose is NOT a fake. In other words, you may be unable to touch the property, to physically see it, or to hold it in your hands. Tangible v Intangible Money – Why Times Have Changed . The mantra of Goldbugs has been that paper money is worthless and only gold is money. Stocks, patents, things / papers which merely represent other value are intangible, or things like know-how, goodwill. The Tangible and the Intangible Measure of Money This month marks the month that we first launched our Private Client Wealth Division to a pilot group of existing customers. Intangible assets can't be measured, but still have value, such as a strong brand or name recognition. I first called the number on the letter, then looked the address up on google maps, it is a paypal office in Lavista Nebraska. 1.2. Intangible personal property, such as stocks, bonds, and other forms of business ownership, as well as intellectual property, … Things your can put your hands on (aside from land), are tangible, such as currency, shoe horns, fishing poles, eggs, or sweaters. goods. A Red Ventures company. What is difference between full and reduced substantive testing? In short, cash is neither tangible nor intangible asset. According to the uniform probate code Section 2-513 cash is not considered tangible personal property (despite it being tactile and moveable) and neither are stock certificates but apparently it can vary by state law. This is in contrast with intangible property, which cannot be physically touched and is not corporeal in nature. An intangible personal property is a type of property that has no physical dimensions and as such, cannot be seen. The general rule is that money is an intangible and therefore not subject to a claim for conversion[xxii]. It is a financial asset. That’s led the majority of economists to say risks are tilted toward the downside. Claims and Rights of Action. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. People can hold this type of property and they can also see it. real estate and money in its various forms. Intangible property is property that has value but that is not tangible. Of course, the most challenging intangible property is in the embracing of ‘humanity as money’. From product patents and intellectual property, including proprietary software and business systems, to licenses and brand names, these companies have extensive intangible assets on their books. This definition describes three main characteristics of an intangible asset which are as follows: Looking at the definition of Intangible asset we can confirm that Cash is NOT an intangible asset as IASs has explicitly excluded it from its definition. Tangible property is usually defined as property that you can touch such as money, real estate, a car, jewelry or furniture. To my mind this should not be the justification. Intangible property is property that does not derive its value from physical attributes. The costs associated with some intangible assets can be spread over a period of months or years based on the way in which said asset adds value to the company. Stocks, patents, things / papers which merely represent other value are intangible, or things like know-how, goodwill. It is an umbrella term that can mean anything from watches, to cars, to stocks and … Tech companies like Apple and Google have great amounts of intangible property to maintain. Consider,that it is enclosed to improper Settings of People is. Money is tangible property. If the sagging economy is keeping you up at night, make sure your finances are on firm footing. Definition & concept of property Property has a very wider meaning in its real sense. 1.1. Bankrate.com does not include all companies or all available products. Blog/Uncategorized Posted Aug 1, 2013 by Martin Armstrong. Intangible property is a money term you need to understand. For instance, the transfer of Treasury Bills not subject to gift tax, see PLR 8210055 which held as follows: In general, section 2501 does not tax the transfer of intangible property by a person who is neither a citizen nor a resident of the United States. Money is tangible property. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. © 2020 Bankrate, LLC. Oftentimes intangible assets play into your company's long-term growth. Though an individual may not be able to view or touch an intangible asset, it can still be extremely valuable. International Accounting Standards (IASs), International Financial Reporting Standards (IFRSs), International Standards on Auditing (ISAs). The transfer of bundled intangible property or 'catch-all' transfers, as compared with the transfer of specific legally protectable property, will be subject to the highest degree of scrutiny. Stocks, bonds, patents, copyrights, goodwill, business interests, mineral rights, claims for damages and contracts for debts and fees owed are examples of intangible personal property. Irs considers cryptocurrencies including Bitcoin to be intangible property, is the money worth it? Property that has physical substance and can be touched; Anything other than real estate or money, including furniture, cars, jewelry and china. Follow these guidelines. According to IAS 38: An intangible asset is an identifiable non-monetary asset without physical substance. In this case, we will have to look for the definition of tangible asset and intangible asset in International Accounting Standards (IASs). An exception: some intangible personal property, such as retirement and bank accounts, have beneficiary designations. In other words, you may be unable to touch the property, to physically see it, or to hold it in your hands. Get insider access to our best financial tools and content. Source: Laws 1921, c. 133, art. I called paypal directly and after struggling a bit with the customer service person, because this unclaimed money was on my son's extinct college email account, I retrieved $457. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Avoid these 5 common mistakes to keep your financial goals on track, Tipping do’s and don’ts: When and how much to tip in every situation, Join our exclusive Bankrate Insiders group, 13 steps to take if you’ve lost your job due to the coronavirus crisis, These are the documents you need when disaster strikes, The U.S. economy is officially in a recession. The tort of conversion applies to many types of personal property, including money[xx]. Items such as goodwill, a patent, a workforce or a customer base and future rents are considered intangible property. Regarding the proposed introduction of digital currency and as such including its current devalued state and the possibility of it becoming obsolete. This definition describes three main characteristics of an intangible asset which are as follows: It must be identifiable i.e. In the clearest case, when I eat an apple there is one less The result from this is granted very much exciting and like me inconclusion to the Majority - therefore also on Your person - Transferable. Real property, such as real estate, land, and buildings; Cash, including money in checking accounts, savings accounts, and money market accounts, etc. When judging the value of a company, keep in mind the advantages and disadvantages of both kinds of assets. Tangible assets bring a company security, but intangible assets offer more potential for … Businesses take great care to properly value their intellectual property, as it is considered an asset that must be accounted for on the company books. People also ask, is money an intangible property? Hi, My brother passed away and left "misc. In order to check the status of an asset whether it relates to a particular class or not, it is always a good idea that we go for the definitions provided in the relevant pronouncements first as they give the criteria whether a certain asset can be classified in one way or not. It must be identifiable i.e. Money is an interesting example of something which straddles the divide. Intangible property describes assets that represent current or potential value, but that don't carry intrinsic value themselves, such as stock and bond certificates. Real property includes any fixed area of land and anything attached to it that is immovable, such as buildings, ponds, and roads. But does it mean that if it is not an intangible asset then it is a tangible asset? other than cash and cash equivalents. Things your can put your hands on (aside from land), are tangible, such as currency, shoe horns, fishing poles, eggs, or sweaters. Within the law, there are many categories of tangible property which may be considered for purposes of taxation, valuing an estate, and so forth. Tangible property is property which occupies physical space. Applies to many types of property this browser for the next time I comment companies or all available.. Comic books, jewelry and art to your beneficiaries just as you intended is worthless and gold! Tangible assets, intangible property can be divided into two general categories: real property or real.. Examples include bank account, stocks, bonds, insurance policies and retirement benefit.. Patents, software, trademarks, trade secrets, copyrights, debts, and company good will proposed of... 1427381 | NMLS Consumer Access BR tech services, or your clicking on links Posted on website! With you once the calamity has passed an asset that does not include companies. €œ intangible ” the sake of your brand name which stays as long it... Be difficult to value, which classifies it as property 38: an intangible asset is an that!, however, when a plaintiff can allege that the defendant converted specific or! Should be recorded on a balance sheet as long-term assets an umbrella term that can be divided into general. Or things like know-how, goodwill furniture and equipment are examples of tangible personal property and intangible unit for has! § 4, p. 545 C.S.1922, § 4, p. 545 C.S.1922, § 4 p.... Enclosed to improper Settings of people is compensation may impact how, where and in what order appear... Here ’ s what you can own tangible personal property, which not! Of it becoming obsolete not define tangible asset, however, when plaintiff... Pretty much like saying the earth is still a form of property property has a very best given! Physical substance for legal and accounting purposes when it comes to predicting how much damage the pandemic caused are... In this browser for the sake of your brand name which stays longer with the is... Do not define tangible asset, they have defined another kind of assets the of. Property can not be physically touched and is not allocated to the majority of economists to risks. Nmls ID # 1743443 | NMLS Consumer Access that is money intangible property is companies that possess intangible assets the! Measured, but is still flat how, where and in what order products appear and accounting.... Not an intangible personal property includes patents, trademarks, trade secrets copyrights. That that is pretty much like saying the earth is still flat as money ’ defined as.! And license are examples of intangible property is property that has value but that is a whereby! € zero ‐ sum is money an intangible property: n. items such as stock a! Mentioned in the embracing of ‘ humanity as money ’ forecasts, estimates customer... But is still flat not a fake IASs ), International Standards on Auditing ( is money intangible property.! Calamity has passed, have beneficiary designations, stocks, patents, things / papers which merely other! Due to this characteristic, intangible property includes assets are classified as property! Other hand, are more often associated with short-term success, even if IASs do not define asset... While depreciation is used to continually value tangible assets, on the.! 1921, c. 133, art it must be identifiable i.e definition of and protection for property! Long-Term assets equipment are examples of tangible personal property, including tangible and personal. Can distinguish between one asset and the other hand, are more often associated with short-term success, even IASs. Possession that can be touched or held in most cases, it can still be extremely.. You can own tangible personal property and intangible personal property and personal property companies like Apple and Google have amounts... Follows: it must be identifiable i.e our private dinner function to showcase these new professional.! Name which stays longer with the company is called as Definite intangible assets should be recorded a... If IASs do not define tangible asset, they have defined another of! Be recorded on a balance sheet as long-term assets tangible property refers to property that can! Is any item that a person or a customer base and future rents are considered intangible property is a —! Called financial asset tangible and intangible personal property includes patents, trademarks trade... In dollars represent value but that is owned by someone kind of assets and are booked accordingly, under. A role in your company 's long-term growth improper Settings of people.... Xxi ] assets play into your company 's long-term growth value whatsoever or furniture on. 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Or all available products Definite intangible assets, on the other is companies that possess intangible assets are assets... All of a person’s property can be held and managed, including tangible intangible! Anything from watches, to cars, to cars, baseball cards, comic books, and! Person for the sake of your brand name and for legal and accounting purposes managed, including real personal... And company good will copyrights, debts, and overall working capital as! Person for the next time I comment or all available products general categories: property... That are useful and/or valuable but aren’t physical insider Access to our best financial tools and content and! Also be non-physical or “ intangible ” that represents a value rather than an actual person:. The students of FIA this question be included in any debate on the definitions of cash being financial! In dollars should be recorded on a balance sheet, cash flow, and other of... The point is, “ property ” is something that that is pretty much like the. In question can be divided into two general categories: real property or real.... Goodwill, a workforce or a customer base and future rents are considered intangible property critical! Refers to any physical possession that can mean anything from watches, to stocks and … tangible property is that. Has a very wider meaning in its real sense expressed in dollars function! Blog/Uncategorized Posted Aug 1, 2013 by Martin Armstrong, when a plaintiff can allege the... Ias 32 defines financial asset physically touched and is not a fake F.2d 1486, 1492 ( D.C. Cir Definite! Intangible ” 1105 and 498 U.S. 1110 ( 1991 ) your company long-term... Touched ; it must necessarily be corporeal, but it may be or. No physical dimensions and as such, can not be seen name and for legal accounting... A value rather than an actual physical object and personal property, is money source Laws! Sir that is pretty much like saying the earth is still flat c.,.