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Here are the differences and similarities between personal property, real property, intangible property, and natural resources.
Personal property, real estate, and natural resources are examples of tangible property or physical property that can be seen and touched.
What are In-Tangible Assets?
Intangible property is a non-physical property that cannot be physically seen or touched. It includes all intellectual property rights (for example, patents, trademarks, company goodwill, and copyrights) as well as any other value that is not derived from physical attributes.
Each of these has a useful life of more than a year.
Illustrations:
Natural resources are assets that exist in nature. Natural gas, oil, and coal are a few examples.
Real property includes land and all property attached to it. Buildings, land, and ponds are some examples.
Personal property is any tangible property that is not a natural resource or real property and can be moved. Automobiles, money, bonds, and furniture are a few examples.
Intangible properties include all non-physical properties.
Trademarks, patents, and goodwill are examples.
The cost recovery method used for each asset type (personal property, real property, intangible property, and natural resources):
Cost recovery is the deduction of a portion of the cost of an asset used in a business over its useful life through depreciation, amortization, or depletion. The cost of tangible property is recovered through depreciation, the cost of intangible property, such as goodwill or patents, is recovered through amortization, and the cost of natural resources is recovered through depletion.
Thus, there are a lot of differences and similarities between all of the properties and assets.
For more information on tangible assets, refer to the given link:
https://brainly.com/question/13729325
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