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 - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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