What is Tangible Personal Property?
Definition of Tangible Personal Property
The property which can be seen, touched, measured and perceived by the five senses are referred as tangible personal property. However, it does not include building or land and assets which do not exist in physical form like copyrights, licenses, stocks and bonds etc.
Explanation of Tangible Personal Property
A large variety of equipment, fixtures, furniture and vehicles etc. are included in tangible personal property. It also includes those assets which do no fundamentally qualify any other class life such as sports kit, jewelry etc. However, building and land are not included in tangible personal property because they are immovable and included under the category of real estate property.