Long-lived assets with extremely long useful lives, such as land and works of art, are treated as having an indefinite life.

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Long-lived assets with extremely long useful lives, such as land and works of art, are typically treated as having an indefinite life because their useful life cannot be reliably estimated. This means that they are not subject to depreciation and are instead tested for impairment periodically.

Long-Lived Assets with Extremely Long Useful Lives, Such as Land