Lump sum payment of land + building + Equipment. Can you amortize loan for land and depreciate for building and equipment?
When receiving one loan of $1m from a lender for 4.5% annual rate to purchase Land (300k) + Building (200k) + Equipment (500k), can you amortize the $300k for land as if its a mortgage loan and depreciate the Building and Equipment amount? or if you are amortizing the total $1m loan, you can't depreciate the Building and Equipment because you would be double counting it?