What is the classification for an airplane owned by a corporation?

An airplane owned by a corporation is classified as personalty, which refers to movable items that are not permanently affixed to or associated with real estate. Personal property encompasses a wide range of physical objects, including vehicles, equipment, and goods that can be moved from one location to another.

In this case, although an airplane is a significant asset that may have substantial value, it does not fall under the category of real estate because it is not fixed to land or buildings. Instead, it is considered personalty due to its portable nature and the fact that it can be used and transferred independently of real property.

While tangible property does include physical items, it covers a broader category that can also include real property. Investment property typically refers to real estate held for investment purposes, which would not apply to an airplane. Thus, the classification of the airplane as personalty is the most accurate representation of its nature and ownership.