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How to account for a building in cash basis accounts?
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Edward Bainton Trustee at New Muslim Circle Posted 1 day ago
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Mosque charities are nearly always unincorporated, and prepare cash basis accounts.
Does anyone know how their buildings should be shown in the accounts? Can they be shown at purchase value forever? (Longest I've seen is about 50 years, and counting, but some must be older.)
Or do they have to be up-rated from time to time as the value of the bricks and mortar increases?
Thanks.
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