Under Special Taxes, which asset qualifies?

• A. Service debt
• B. Any building with a shelf life of 5 years or more including school furnishings and buses
• C. Land
• D. Short-term equipment

Answer: (B)

Assets under Special Taxes are those that provide benefits over multiple years and have a minimum useful life of five years. That means items like buildings, school furnishings, and buses, which are expected to last five years or more, qualify. Short-term equipment doesn’t meet the five-year threshold and isn’t included. Service debt isn’t an asset, and land—though long-lasting—is not typically treated as a depreciable asset under this five-year shelf-life rule, so it doesn’t fit the criterion the way long-lived improvements and furnishings do.