How should the cost of the demolition be treated for tax

Reference no: EM133507278

Question: ABC Company purchased six acres of land for $800,000, on which it plans to build its new corporate headquarters. In preparation for building, the company paid $30,000 to a demolition company to tear down the old warehouse located on the land and haul away the rubble from the demolition site.

How should the cost of the demolition be treated for tax purposes and why?

Reference no: EM133507278

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