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Land and land improvements are inexhaustible assets and do not depreciate over <br />time <br /> <br />Examples of items to be capitalized as land and land improvements are: · Purchase price or fair market value at time of gift <br /> · Commissions <br /> · Professional fees (title searches, architect, legal, engineering, appraisal, <br /> surveying, 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, <br /> telephone 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 /> <br />Other Improvements <br />Assets built, installed or established to enhance the quality or facilitate the use of <br />land for a particular purpose. <br /> <br />Examples of items to be capitalized as other improvements are: <br /> <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 /> <br />Buildings/building improvements <br />A building is a structure that is permanently attached to the land, has a roof, is <br />partially or completely enclosed by walls, and is not intended to be transportable or <br />moveable. A building is generally used to house persons, property, and fixtures <br />attached to and forming a permanent part of such a structure. Certain buildings or <br /> <br /> <br />