Corporeal refers to tangible, visible physical property. It encompasses both real and personal property that can be seen and touched, such as buildings, fences, and pavement, as opposed to intangible assets like easements.
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States permitting a faster write-off of the capital expenses of tangible personal and real property. Enacted by the Tax Reform Act of 1986, MACRS allows for greater accelerated depreciation, with the intention of encouraging investment in business assets by offering a larger depreciation deduction in the early years of an asset’s life and lower deductions later on.
Tangible property refers to physical assets that can be seen and touched. This includes real estate, personal property, and other valuables.
