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ANW
Level 1
September 15, 2021
Question

Demolition of an office building. How do you add the remaining tax basis to the underlying land?

  • September 15, 2021
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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
September 15, 2021

You can either mark the asset as 1=delete this year, or show it as disposed of for net book value. Then either create an asset for the land, or just carry it on the balance sheet manually.

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