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The lease on the land should be amortized over the life of the lease(99 years).

I suppose it depends on the terms of the lease. I think there's a case (Lyon v. Commissioner IIRC, but I could be wrong) that specifically deals with long-term leases. I assumed that a 99 year lease is the functional equivalent of a purchase, and considered purchased land not depreciable. If the lease is really a lease, and not a disguised sale, then I agree with WPatch that the lease can be amortized. The terms of the lease would indicate over what term to amortize it.

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