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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Definitions of Terms

AmenitiesFeatures of or enhancements made to real estate projects that enhance the attractiveness of the property to potential tenants or purchasers. Amenities include golf courses, utility plants, clubhouses, swimming pools, tennis courts, indoor recreational facilities, and parking facilities.
Common costsCosts that relate to two or more units within a real estate project.
Costs incurred to rent real estate projectsIncludes costs of model units and their furnishings, rental facilities, semipermanent signs, rental brochures, advertising, “grand openings,” and rental overhead including rental salaries.
Costs incurred to sell real estate projectsIncludes costs of model units and their furnishings, sales facilities, sales brochures, legal fees for preparation of prospectuses, semipermanent signs, advertising, “grand openings,” and sales overhead including sales salaries.
Fair valueThe amount in cash or cash equivalent value of other consideration that a real estate parcel would yield in a current sale between a willing buyer and a willing seller (other than in a forced or liquidation sale). The fair value of a parcel is affected by its physical characteristics, ultimate use, and the time required to make such use of the property considering access, development plans, zoning restrictions, and market absorption factors.
Incidental operationsRevenue‐producing activities engaged in during the holding or development period to reduce the cost of developing the property ...

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