1. asset purchased for use in production over long periods of time rather than for resale. It includes (a) land, buildings, plant and equipment, mineral deposits, and timber reserves; (b) patents, goodwill, trademarks, and leaseholds; and (c) investments in affiliated companies.

2. in taxation, property held by a taxpayer, except cash, inventoriable assets, merchandise held for sale, receivables, and certain intangibles.

3. FIXED ASSET usually consisting of tangible assets such as plant and equipment and  intangible assets such as a patent.