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Was it allocated as part of your purchase agreement?
The above link indicates that the buyer establishes the basis.
Might want to show it to your accountant.
The IRS provides guidance on allocation:
Land and Buildings
If you buy buildings and the land on which they stand for a lump sum, allocate the basis of the property among the land and the buildings so you can figure the depreciation allowable on the buildings.
Figure the basis of each asset by multiplying the lump sum by a fraction. The numerator is the FMV of that asset and the denominator is the FMV of the whole property at the time of purchase. If you are not certain of the FMV of the land and buildings, you can allocate the basis based on their assessed values for real estate tax purposes.
Did you acquire this business as a part of a 1031 exchange?
The IRS Pub says you can allocate based upon FMV:
Trade or Business Acquired
If you acquire a trade or business, allocate the consideration paid to the various assets acquired. Generally, reduce the consideration paid by any cash and general deposit accounts (including checking and savings accounts) received. Allocate the remaining consideration to the other business assets received in proportion to (but not more than) their fair market value in the following order.
Certificates of deposit, U.S. Government securities, foreign currency, and actively traded personal property, including stock and securities.
Accounts receivable, other debt instruments, and assets you mark to market at least annually for federal income tax purposes.
Property of a kind that would properly be included in inventory if on hand at the end of the tax year or property held primarily for sale to customers in the ordinary course of business.
All other assets except section 197 intangibles, goodwill, and going concern value.
Section 197 intangibles except goodwill and going concern value.
Goodwill and going concern value (whether or not they qualify as section 197 intangibles).
Agreement. The buyer and seller may enter into a written agreement as to the allocation of any consideration or the fair market value (FMV) of any of the assets. This agreement is binding on both parties unless the IRS determines the amounts are not appropriate.
Reporting requirement. Both the buyer and seller involved in the sale of business assets must report to the IRS the allocation of the sales price among section 197 intangibles and the other business assets. Use Form 8594 to provide this information. The buyer and seller should each attach Form 8594 to their federal income tax return for the year in which the sale occurred.
It may be depreciated to the seller. However, you bought it. Your cost or basis in the assets can be allocated according to the FMV. I would show your accountant Pub 551.
Maybe your accountant wants to accelerate your deductions by amortizing it as goodwill instead of real estate that is over 39 years.
This also says FMV:
I am not sure. This says 10:
This says it varies:
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