Current Assets Law and Legal Definition
Current assets are defined as "cash, including checks and drafts, receivables, inventories, supplies, raw materials, products in process of manufacture and preparation, finished goods, investments at market price, including cash surrender value of life insurance policies and stocks and bonds, and all assets of an individual, except its book values of plant property and equipment and deferred charges." Agar Packing & Provision Corp. v. Comm'r, 1945 Tax Ct. Memo LEXIS 308 (T.C. Feb. 7, 1945)
