Z Corporation has identified the property at 123 Street as an ideal place for its new office

Question:

Z has identified the property at 123 Street as an ideal place for its new office building. The company would like to buy the property, demolish the building and build a new building. The cost of demolition will be approximately $500,000. Z's president asks whether the company can deduct this cost or at least depreciate it over time. What is your response and why?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...