Which of the following defines intangible property?

The definition of intangible property fundamentally revolves around assets that do not have a physical presence yet still hold value in a legal or economic context. Intangible properties can include various entities, such as intellectual property (trademarks, copyrights, patents), goodwill, and brand recognition, which can significantly contribute to a company’s worth without being tangible assets like machinery or real estate.

The other options fail to encapsulate this concept adequately. The first option describes tangible property, which pertains to assets you can physically touch and see. The third option incorrectly defines intangible property as being "always liquid," suggesting that all intangible assets can be easily converted to cash, which is not necessarily accurate. Some intangible assets may take time or effort to sell or may not have a readily determinable market value. The fourth option limits property to land and fixed structures, which are clearly tangible assets, thus excluding the broader range of intangible properties integral to various industries today.

Therefore, the correct answer underscores the essence of intangible property as valuable non-physical assets, highlighting their role in economic assessments and business practices.