A business acquires land for a customer parking lot and incurs the following costs:
Land …………………………………………………………………. $50,000
Legal fees to complete purchase agreement………………………………. 2,000
Legal fees in connection with obtaining a mortgage loan for the land…… 1,000
Small building for attendant…………………………………………… 10,000
Exterior landscaping…………………………………………………. 2,000
………………………………………………………………………… $65,000
Briefly explain the tax treatment of these costs.