Hi.
For tax purposes, I'm wondering what is the proper way to handle a capital project that contains several smaller capital projects, each with different completion time points. Specifically, we recently bought some land that I'd like to set up for running cattle. So, we have had to clear some of the land, build fences, dig a pond, weed-kill brush, and build a cattle-guard, all before we can begin to run cattle. My question, then, do I treat all of the above-cited activities under one capital project, and, if so, what to I make my "go-live" date for each of the individual projects as they are completed? Or, do I treat each project individually (as though independent)? The same "go-live" date question applies here as well since many of the projects will be completed well before cattle are introduced.
Thank you,
