Posted by andy r on January 06, 2011 at 15:14:53 from (69.66.71.73):
Bought a farm last month. I have made an initial visit to an accountant. Need to go back, but want background information first. There is tiling, fencing, a couple old barns, and an eight-thousand bushel grain bin. I assume I can depreciate these assets? Right? How do you establish a value for depreciation? For tile, the accountant says calculate the footage and multiply by $1.70. What have you done with these types of assets on new land aquisitions? I assume the previous owner had written them off, maybe not. No records exist past the last four years. None of the above assets are currently listed on the prior owners depreciation schedule. Your ideas will get me started in the right direction. Thanks.
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Today's Featured Article - History of the Field Marshall Tractor - by Anthony West. Any restorer who has some knowledge of turn of the century farm machinery, will recognize the name Lanz Bulldog!! This machine was to say the least unusual in its appearance. The huge flywheel and coffee percolator shaped exhaust. Along with square body lines and cylinder head protruding forward of the front axle. Would become the visual differentiation that people would quote to separate the Lanz from other period machines. The Marshall company based at the Briannia Works in Gainsborough
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