Project costs are defined as “costs clearly associated with the acquisition, development, and construction of a real estate project”. In certain real estate projects, land is developed and structures are being built or refurbished. In addition to the costs of acquiring land, development and construction costs are incurred to complete the project. Other real estate projects involve property acquisition only, such as the acquisition of shopping centers that are already in operation. Paragraph 7 of Statement 67 states the general [...]