" Press *Ctrl-Alt-D* to show the Client menu and select *Debug Permissions*.
Now, when you get info on any object by right-clicking it and viewing the *Edit
tools > General tab*, you'll see it shows more details:

As described by Kelly Linden, here's what they mean:

B: Base permissions. The object can never be more permissive than this.

O: Owner permissions. The permissions the owner currently has.

G: Group permissions. The permissions group members currently have on the
object.

E: Everyone permissions. The permissions everyone else has on the object

N: Next Owner permissions. The permissions the next person to own the object
will have.

F: Full or Folded permissions. The permissions of the object as a whole
including all permissions of the objects contents. For example, an object
with a No Copy content item may itself be copyable, but is not copyable as a
whole because of the content item.

V - "Velocity" This is actually for 'can move'.

M - Can Modify

C - Can Copy

T - Can Transfer  "

++++++++++++++++
With reference to Cathy's suggestions above about changing properties while
an object is in your inventory, you have to be a little careful with this.
While it is possible to do you will see that the changed permisions show
with an * after them which indicates that the N permissions are pending and
are not yet recorded in the asset database (from Knowledge Base again)
+++++++++
" This is because next-owner permissions are applied to an object:

   1. When its ownership has changed
   AND
   2. When the object is rezzed inworld.

So, if you change an object's permissions in your Inventory and give it to
someone, the next-owner permissions won't actually be applied until the
object is rezzed. "

+++++

This can get very confusing and it is usually best to change permissions on
a rezzed object which you then take back into your inventory before
transferring it to someone else.
You can find full explanations and examples by putting "next owner
permissions" into the search box on the Support/ Knowledge Base page.