{"id":16750,"date":"2018-07-01T17:25:15","date_gmt":"2018-07-01T17:25:15","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=16750"},"modified":"2018-07-01T17:25:15","modified_gmt":"2018-07-01T17:25:15","slug":"intangible-property-an-incorporeal-right-unrelated-to-a-physical-thing-but-which-evidences-something-of-value","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=16750","title":{"rendered":"intangible property – an incorporeal right unrelated to a physical thing, but which evidences something of value"},"content":{"rendered":"

\u00a0 \u00a0 \u00a0<\/span><\/strong>This page is continued from<\/span><\/span><\/strong> Law of Property<\/a> <\/span><\/span><\/strong>>>>><\/b><\/span><\/span><\/strong>\u00a0Property<\/a>\u00a0<\/span><\/span><\/strong>>>>><\/span><\/span><\/strong> Conditions of Property<\/a>:<\/span><\/span><\/strong><\/p>\n

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intangible property<\/span>:<\/span><\/strong>
\n(1845)<\/span><\/p>\n

1. Property that lacks a physical existence. \u00a0* \u00a0Examples include stock options and business goodwill.<\/strong> [1]<\/span><\/p>\n

1. Rights not related to physical things, being merely\u00a0<\/span>relationships<\/span>\u00a0between persons, natural or corporate, which the law\u00a0recognizes by attaching to them certain sanctions\u00a0<\/span>enforceable<\/span>\u00a0in the courts. <\/span>Curry v McCanless<\/em>, 307 US 357, 83 L Ed 1339, 59 S C 900, 123 ALR 162<\/span>.<\/span><\/span><\/strong><\/p>\n

Property rights protected by the due process clause equally with ordinary real and personal property. 16 Am J2d Const\u00a0\u00a7 365<\/span>.<\/span><\/strong><\/span><\/p>\n

For the\u00a0<\/span>purpose<\/span>\u00a0of taxation:\u00a0\u2014 enforceable claims and solvent credits such as bills, notes, and oher obligations to pay \u00a0money, and shares fo corporate stock. 51 Am J1st Tax\u00a0\u2033 420.<\/span><\/span><\/strong><\/p>\n

An unallowed claim for a refund of Federal income taxes is taxable as “other taxable intangibles” rather than as “credits,” under statutes taxing money, credits, investments, deposits, and other intangible property, defining “credits” as the excess of current accounts receivable over current accounts payable, defining “current accounts” as items receivable or payable on demand or within one year of the date of inception, and defining “other taxable intangibles” as including every valuable right, title, or interest not comprised within or excluded fromt he preceding statutory sections of a specific nature. Glidden Co. v Glander, 151 Ohio St 344, 86 NE2d 1, 9 ALR2d 515.<\/span><\/strong>
\n\u00a0 \u00a0 \u00a0See chose in action<\/em>; incorporeal property<\/em>; situs<\/em>; situs for taxation<\/em>. [2]<\/span><\/p>\n

1. An incorporeal right unrelated to a physical thing. \u00a0EXAMPLES: a right to sue (i.e., a cause of action); a right to inherit property.<\/span><\/strong><\/p>\n

2. Property that has no intrinsic value, but evidences something of value. \u00a0EXAMPLE: \u00a0stock certificate (which evidences a share in the ownership of the corporation that issued it).<\/strong> [3]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a>.<\/span><\/strong><\/p>\n

[1]: Black’s Law Dictionary <\/a><\/span><\/strong>Deluxe<\/b><\/span><\/a><\/em> Tenth<\/b><\/span><\/a><\/em> Edition<\/b><\/span><\/a><\/em> by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law <\/a><\/span><\/strong>Dictionary\u00a0<\/b><\/span><\/a><\/strong>with<\/b><\/span><\/a><\/em> Pronunciations<\/b><\/span><\/a><\/em> Third Edition<\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]:\u00a0\u00a0Ballantine\u2019s Law Dictionary <\/a><\/span><\/strong>Legal<\/b><\/span><\/a><\/em> Assistant<\/b><\/span><\/a><\/em> Edition<\/b><\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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