Jon purchases a farm for $2,200,000. The previous owners had planted parallel rows of bushes and trees

Question:

Jon purchases a farm for $2,200,000. The previous owners had planted parallel rows of bushes and trees on the land when they acquired it to block the wind from the part of the farm that was planted with crops. The trees and bushes have never produced salable timber or any fruit, nuts, or other products that could be sold. Can a portion of the cost of the land be allocated to the trees and bushes and be depreciated?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

Question Posted: