All of the following are included in the acquisition cost of land except
A)costs of clearing land to construct a building.
B)transfer taxes.
C)attorney's fees to prepare closing documents.
D)cost of land survey.
E)architect fee for new building.

Question

Quizplus · Accepted Answer

The acquisition cost of land includes all costs necessary to acquire the land, such as the purchase price, closing costs, and any additional fees necessary to transfer ownership. However, architect fees for a new building are not considered part of the land acquisition cost, as they are specifically related to the construction of a building on the land.

All of the Following Are Included in the Acquisition Cost