Gail, an inventor, has tools in her workshop. She has a patent on her most recent invention, a convection oven. She licenses the patent to Housewares, Inc. Her tangible personal property includes
A) the tools.
B) the license.
C) the patent.
D) all of the choices.

Question

Gail, an inventor, has tools in her workshop. She has a patent on her most recent invention, a convection oven. She licenses the patent to Housewares, Inc. Her tangible personal property includes​
A) ​the tools.
B) ​the license.
C) ​the patent.
D) ​all of the choices.

Quizplus · Accepted Answer

Only the tools in Gail's workshop are tangible personal property, meaning physical assets that can be touched or moved. The license and patent are intangible assets, meaning they do not have a physical form or presence.

Gail, an Inventor, Has Tools in Her Workshop