Explanation:

The indefinite useful life of an asset means that the asset’s usefulness to the business is not limited by age, legal or regulatory obligations, contracts, or any other factory. In other words, the asset will last forever. It cannot be worn out and cannot be fully used up.
Land is the primary example of indefinite useful life. Land will also be there and will always be able to be used. Unlike a building, land cannot be used up. Land might be changed and landscaped differently for different purposes, but the land itself will always be there.

Some assets do not technically have an indefinite useful life, but we treat them as if they do. Take copyrights, patents, license, and other intangible assets for example. Disney has a copyright on Mickey Mouse and other early Disney cartoon characters that expire after a certain amount of time.