There has to be a basis (specific assigned value) for each of the assets at the time of purchase. Ideally, they should be on a separate bill of sale at the time of purchase. I assume the tile is where it can be visually inventoried (i.e. still above ground). The IRS would probably frown upon mere say-so as basis for the tile (installed, among other things). I can see problems down the road if values are randomly arrived at for the bin and building against the overall purchase price. If you're not sure about the competency of your accountant then maybe you had better find a new one. It's fine to ask for opinions here but I would rather hang my hat with a top notch accountant.
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Today's Featured Article - The Revival of a John Deere Combine - by The Red, John Fritz. For several years I had been driving by a farm house on the west side of Indianapolis that had a John Deere combine parked in high weeds in a lot behind the house. The gentleman no longer farmed because the entire area was developed with housing and light industry. I had stopped several times and knocked on the door but no one would answer. My curiosity was up and I wanted to contact the owner. I wanted to see what he planned to do with the combine.
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