What is Book Value?

Legal Definition
In accounting, book value is the value of an asset according to its balance sheet account balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or impairment costs made against the asset. Traditionally, a company's book value is its total assets minus intangible assets and liabilities. However, in practice, depending on the source of the calculation, book value may variably include goodwill, intangible assets, or both. The value inherent in its workforce, part of the Intellectual capital of a company, is always ignored. When intangible assets and goodwill are explicitly excluded, the metric is often specified to be "tangible book value".

In the United Kingdom, the term net asset value may refer to the book value of a company.
-- Wikipedia
Legal Definition
1.the recorded value of an asset on a balance sheet. The depreciation is taken from purchase price. It rarely shows true value since the GAAP won't let changes in market value. 2 the amount a shareholder would get if the the assets were sold. The value