You pay 700000 for a house and the land that it is on the, Financial Accounting

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You pay 700000 for a house and the land that it is on the

You pay $700,000 for a house and the land that it is on. The land is valued at $270,000 and the house is valued at $430,000. You decide to demolish the house ($30,000 demolition cost) and build a go-cart track at a cost of $750,000.

What is the cost basis of the go-cart track for depreciation purposes?

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Financial Accounting: You pay 700000 for a house and the land that it is on the

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Financial Accounting: You pay 700000 for a house and the land that it is on the

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