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14 February, 06:17

Dove Corp. began operating a hardware store in the current year after constructing a building at a total cost of $100,000 on land previously acquired for $50,000. In the current year, the land had a fair market value of $60,000. Dove paid real estate taxes of $5,000 in the current year. What is the total depreciable basis of Dove's business property?

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  1. 14 February, 06:23
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    100,000 building will be the amount subject to depreciation

    Explanation:

    The land doesn't depreciate.

    The land is the real state property, it is not depleted and neither suffers a loss of value through time.

    The real state taxes are tax expenses for the period.

    The depreciable basis will be the bulding which is affected for the past of time.
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