My company had purchased a freehold land and building for the purpose of earning rental income.
This building had a age of 40 years old.
The cost of the building is $2 million.
No depreciation was provided in the past 40 years.
1) How can I determined its useful life ?
2) Most companies determined freehold building as 50 years, can I depreciate the building for the next 50 years or 10 years ?