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<br />. <br /> <br />. <br /> <br />. <br /> <br />. Environmental compliance, i.e" asbestos abatement; <br />. Professional fees, includes architect, engineer, management fees for design and <br />supervision, legal; <br />. Cancellation or buyout of existing leases; and <br />. Other costs required to place or render the asset into operation. <br /> <br />Constructed Buildings <br /> <br />. Completed project costs; <br />. Cost of excavation or grading or filling ofland for a specific building; <br />. Expenses incurred for the preparation of plans, specifications, blueprints; <br />. Building permits; <br />. Costs of temporary buildings used during construction; <br />. Additions to buildings, i,e., expansions, extensions, or enlargements. <br /> <br />Building improvements include capitalized costs that materially extend the useful life of a <br />building Or increase the value of a building, or both, beyond one year. Building improvements <br />should not include maintenance and repairs done in the normal course of business. <br /> <br />Examples of items to be capitalized as building improvements include: <br /> <br />. Installation or upgrade of heating and cooling systerns, including ceiling fans and attic <br />fans; <br />. Original installation or upgrade of wall or ceiling covering such as carpeting, tiles, <br />paneling, or parquet; <br />. Structural changes such as reinforcement of floors or walls, installation or replacement of <br />beams, rafters, joists, steel grids, or other interior framing; <br />. Installation or upgrade of window or door-frames, upgrading windows or doors, built-in <br />closet and cabinets; <br />. Interior renovation of casings, baseboards" light fixtures, ceiling trim; <br />. Installation or upgrade of plumbing and electrical wiring; and <br />. Installation or upgrade of telecommunication systems. <br /> <br />Examples of items considered repairs or maintenance in nalure and should uot be capitalized as <br />buildings or building improvements include: <br /> <br />. Adding, removing and/or moving of walls relating to renovation projects that are not <br />considered major rehabilitation projects and do not increase the value of the building; <br />. Improvement projects of minimal or no added life expectancy and/or value to the <br />building; <br />. Plumbing or electrical repairs; <br />. Cleaning, pest extermination, or other periodic maintenance; <br />. Interior decoration, i.e., draperies, blinds, curtain rods, wallpaper; <br />. Exterior decoration, i.e" detachable awnings, uncovered porches, decorative fences; <br />. Maintenance-type interior renovation including repainting, touch-up plastering, <br />replacement of carpet, tile, or pane sections, and refinishing of sinks and fixtures; <br />. Replacernent of a part or component of a building with a new part of the same type and <br />performance capabilities, e,g., replacement of an old boiler with a new one of the same <br />type and performance capabilities; <br /> <br />7 <br />