The purchase price for a business or a rental property must be allocated between different assets acquired, such as intangible rights (customer lists, etc.), land, building, furniture and fixtures, equipment, inventory, etc., in order to determine your depreciation deductions. See Acquisition Costs.
Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.