Assigning is the act of transferring ownership or rights from one party to another. This process involves an assignor who executes the transfer and an assignee who receives it.
Consumer products are tangible personal properties that are typically used for personal, family, or household purposes.
Goods refer to commodities or items of commerce that are tangible and physical, and can be owned, sold, or exchanged in the marketplace, excluding real estate, choses in action, investment securities, or similar items.
MACRS is a method of depreciation used in the United States to recover the cost of tangible property over a specified life span. Introduced by the Tax Reform Act of 1986, MACRS replaces the Accelerated Cost Recovery System (ACRS) and offers a faster depreciation schedule for tax purposes.
