1Any property or right that is owned by a person or entity and has monetary value. See also liability. 2 All of the property of a person or entity or its total value; entries on a balance sheet listing such property. capital asset. For income tax purposes, most property of the taxpayer except for a few certain business assets (for example, inventory and stock in trade) and other property excluded by the Internal Revenue Code. intangible asset. An asset that is not a physical thing and only ev...