Form Cra - Combined Registration Application For State Of Delaware Business License And/or Withholding Agent Page 19
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20a. Cost of raw land;
b. Site improvement costs, including but not limited to site clearing, landscaping,
erection/construction of open space/recreational facilities and installation of
street, sanitary and storm sewers, water lines, power lines and other utilities;
c. Engineering costs associated with rezoning (if applicable) and subdivision of
the site
d. Legal costs/fees incurred in connection with the rezoning (if applicable) and
subdivision of the site;
e. Fees involved in obtaining final site plans and permit;
f. Interest and other carrying costs associated with the acquisition and
development of the site, regardless of whether interest has been expended or
capitalized for federal income tax purposes (to be allocated on a per-lot basis).
Payments to subcontractors deducted under Paragraph V. 2. may not be deducted
again under Paragraph V. 3.
3. In determining the gross receipts tax, the developer may also deduct from gross
proceeds, at the time of the sale and not before, miscellaneous expenses, so as to
equate the gross receipts tax treatment of a real estate developer with that of a
contractor, including:
a. The developer's share of realty transfer taxes;
b. Real estate commissions/fees' (maximum of 2 % of gross proceeds);
c. Sales concessions to buyers (i.e., points, settlement help, etc.);
d. Other costs associated with a specific subdivision (other than general
administrative and overhead) and
e. Decorating and space planning costs associated with model homes.
Expenses deducted under this Section must be allocated on a per lot basis.
4. In lieu of deducting the actual cost of land and improvements (Paragraph V. 2.)
and miscellaneous expenses (paragraph V. 3.), the developer may, at its sole
option, elect to use an assumed cost of land improvements and miscellaneous
expenses equal to thirty percent (30%) of the gross proceeds from the sale of the
property.
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