I’m having trouble understanding why a permit, conditional or not, is an intangible asset.

As I understand it

IRS pub 551, page 3, Constructing assets – says that building permit charges are part of the basis of the asset.

They would post to the building work in progress asset account, and when the […]

Resolution for 'conduct business issue: 'Should I depreciate a conditional use permit for a building site or just wait until building is completed?' available: Yes.

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