Griffo,
Spot on. F.B.T was charged on the difference between the rent charged (which was heavily discounted to attract a workforce) and what was assessed as a fair market rental. This silly move on its own meant the death of company housing in mining towns.
The cost of company built housing was straight line depreciated over 10 years. F.I.F.O. costs are expensed in the year they are incurred.
F.I.F.O. will continue as long as we keep digging holes in the ground.