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RE-1 Real Estate Cost Recovery

by Kjetil Espedokken — last modified Mar 06, 2011 07:41 PM

Upon completion of new construction or capital projects, clients are forced to identify and segregate building components in order to take advantage of accelerating depreciation (5 - 25 years) for significant financial gains via the Internal Revenue Code (IRC) Modified Accelerated Cost Recovery Systems (MACRS). In most cases clients simply depreciate new construction over 39-year straight-line depreciation method because they either are not aware of MACRS or it is too difficult a process to breakout building elements. The financial advantages of MACRS directly affect the corporate bottom line.


Solution:
Extract appropriate data that define relevant information about building components from the IFC based building information model (BIM) of the particular building and import them, including automated classification, into clients? Financial application(s).

Scope of work:
In Scope:

  1. Determine what data appropriately define building elements that are required by software.
  2. Identify which of these data are already defined in the IFC object model, and which definitions need to be added.
  3. Create new data definitions and extend the IFC data model of buildings with Real Estate extension schemata.
  4. Utilize OSCRE workflow and business process methodology and enable implementation of appropriate IFC definitions in OSCRE Financial software.

Out-of scope:
 
Project schedule
Project start month/year: July 2004
Targeted completion month/year: October 2004
Process model:
Domain model:
Pre integration:
Integration:
Test data:
 
Project team
Project leader Chapter Roles Contact email
Dr. Vladimir Bazjanac   NA R vlado@gundog.lbl.gov
Technical leader Chapter Roles Contact email
Dr. Vladimir Bazjanac   NA R vlado@gundog.lbl.gov
Participants Chapter Roles Contact email
Robin Drogemuller   AU R Robin.Drogemuller@csiro.au
Andy Fuhrman   NA I R T andy.fuhrman@oscre.org
Chris Lees   UK I T chris.lees@calvis.com
 
Project addresses
Project web site:
Project FTP site:
Project email:
 
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