[gonzoe]

Sold building owned by business. I under stand part of the je, land, bldg. amort. Where do I record the 50k in closing cost and the 45k holdback fee. Would I create a liability account for the holdback fee? Do I post the 50k in closing cost fee to the gain/loss of asset account, I don't think I can include in the basis of the property. I also don't want to see 50k on my income stmt. We are a non profit organization.

[paraclete]

Being a non profit organisation doesn't mean you can't show a profit on disposal, you are just not operating to make a profit. You have answered your own question on closing cost it is part of the calculation of gain/loss on disposal for which you will show a net result as a extraordinary item in your income statement. The retention is an asset since you would expect to recoup it eventually, so you will debit the asset and credit the gain/loss on disposal