An airplane owned by a corporation is classified as what type of property?

The classification of an airplane owned by a corporation as commercial aircraft is based on its use and the context in which it operates. Commercial aircraft refers specifically to airplanes that are utilized for commercial purposes, such as transporting goods or passengers for a fee. This classification aligns with the nature of the asset, as it directly correlates to its functionality and the industry in which it operates.

In a corporate setting, an airplane is usually not considered personal property because it is owned by an entity rather than an individual. While it could technically fall under personal property due to its movable nature, the specific designation of commercial aircraft is more accurate when considering the business use and the regulatory framework governing its operation.

Additionally, the terms commercial vehicles and real property do not apply in this scenario. Commercial vehicles typically refer to land-based vehicles used for business purposes, while real property pertains to land and any structures attached to it, which does not encompass aircraft. Thus, classifying the airplane as commercial aircraft is the most appropriate and precise choice.