An asset's capitalized cost basis includes the actual purchase price and all other expenses associated with placing the asset in service is True.
When purchasing land certain costs are common and necessary and must be allocated to the land. These costs include land costs, title costs, attorney fees, survey costs, and zoning costs. It also includes site preparation costs such as land clearing and drainage, or demolition of old structures.
The land is not depreciated as it is assumed to have an indefinite useful life. Other durable assets such as land improvements buildings fixtures and equipment. Limited service life. Therefore, the costs of these assets should be allocated to these finite accounting periods. market value at conversion or. Additions or improvements to cost less incidental damage up to the time of conversion.
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