Tuesday, November 04, 2008
I got back from taking theCSO to the polls and realized that I wasn't going back to sleep. This is actually OK with me as I need to review last week's tax class and what we're talking about tonight.
Had some cheerios, got to work.
I will spare you the details, and thus not betray any misunderstanding I might have of them, and say simply that what we did last week is how one defines a "Capital Asset" and what qualifies as an expensing, depreciating or non-wasting expenditure and what does not. (E.g. If own a meat-packing plant and oil from a nearby refinery starts seeping into the basement of my plant and I repair the walls so this won't happen, was that an ordinary cost of doing business or an investment in the future of my plant.)