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An asset is any resource with economic value that is expected to provide a future benefit to its holder. The Internal Revenue Service (IRS) considers most types of income taxable. There are few exceptions to this; any income that is not taxable, or tax-exempt, is clearly delineated in the Internal Revenue Code (IRC). In this blog post, we will discuss everything that pertains to asset taxation. This will include the taxable and non-taxable assets.