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Land and land improvements are inexhaustible assets and do not depreciate over time. <br /> Examples of items to be capitalized as land and land improvements are: <br /> • Purchase price or fair market value at time of gift <br /> • Commissions <br /> • Professional fees (title searches, architect, legal, engineering, appraisal, surveying, <br /> environmental assessments, etc.) <br /> • Land excavation, fill grading, drainage <br /> • Demolition of existing buildings and improvements (less salvage) <br /> • Removal,relocation or reconstruction of property of others (railroad,telephone, <br /> and power lines). <br /> • Interest on mortgages accrued at date of purchase <br /> • Accrued and unpaid taxes at date of purchase <br /> • Other costs incurred in acquiring the land <br /> • Water wells (includes initial cost for drilling,the pump and its casing <br /> • Right-of-way(permanent) <br /> Other Improvements <br /> Assets built, installed or established to enhance the quality or facilitate the use of land for <br /> a particular purpose. <br /> Examples of items to be capitalized as other improvements are: <br /> • Fencing and gates <br /> • Landscaping <br /> • Parking lots/driveways/parking barriers <br /> • Outside sprinkler systems <br /> • Recreation areas and athletic fields (including bleachers) <br /> • Golf courses <br /> • Paths and trails <br /> • Septic systems <br /> • Stadiums <br /> • Swimming Pools,tennis courts, basketball courts <br /> • Fountains <br /> • Plazas and pavilions <br /> • Retaining walls <br /> Buildings/building improvements <br /> A building is a structure that is permanently attached to the land,has a roof, is partially or <br /> completely enclosed by walls, and is not intended to be transportable or moveable. A <br /> building is generally used to house persons,property, and fixtures attached to and <br /> forming a permanent part of such a structure. <br /> 5 <br /> 65 <br />