Which of the following best describes Personal Property?

The best description of Personal Property is reflected in the choice that encompasses equipment, furniture, fixtures, supplies, IT assets, and intellectual property. Personal property generally refers to movable items that are not affixed to or associated with the land. This category includes a wide range of tangible assets, such as machinery and office furniture, as well as intangible assets like intellectual property, which can be considered personal property in the context of ownership and rights.

Understanding personal property includes recognizing its distinction from real property, which comprises land and anything permanently attached to it, like buildings. The correct choice captures the variety of assets that constitute personal property, making it an inclusive and accurate definition.

In contrast, other options focus on narrower or incorrect scopes, such as only including land and buildings or limiting the definition to intellectual property along with leased or owned goods without capturing the physical assets involved. Additionally, mentioning assets that cannot be easily converted to cash does not accurately define personal property, as that concept pertains more to liquidity rather than the classification of property types. Thus, the broad and inclusive nature of the correct answer aligns well with the established definition of personal property.