What term best describes assets that are typically removable, such as equipment and machinery?

The term that best describes assets that are typically removable, such as equipment and machinery, is "trade fixture." Trade fixtures are items installed by a tenant in a rented space that are necessary for their business operations. Because they are typically removable without causing damages to the property, they remain the property of the tenant when the lease ends, distinguishing them from other types of fixtures that may be considered part of the real estate.

In contrast, fixed assets generally refer to long-term tangible assets that are not easily moved or sold, such as buildings or land. Capital assets also denote long-term investments or physical properties owned by a business, but they do not necessarily imply that the assets are removable. Leasehold improvements refer specifically to modifications made to a rental space, which are often considered part of the property, rather than equipment that can be taken away. Hence, the definition and context surrounding trade fixtures make this term the most accurate description for removable assets like equipment and machinery.