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 - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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