Definition Capital Assets. Description.
Capital Assets are a type of
fixed assets, something that is
expected to have long-term use within a company, and which exceeds the minimum
monetary amount (known as the Capitalization Limit or Cap Limit).
In most countries a capital cost deduction applies to require
or allow a purchaser to write off the cost of acquiring the asset over time.
Rather than writing off the entire cost of acquisition in one year, it is
written off over multiple years to reflect the fact that it is used in each
year to do things and wears down or is used up or obsoleted to some degree.
The period of time over which this occurs can range typically from 2 years
for software to 30 years for buildings.
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Compare also: Fixed
Assets | Intangible
Assets
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