Final answer:
Land owned in a business has an indefinite useful life and is not depreciated, unlike land improvements, which are depreciable due to their determinable useful life.
Step-by-step explanation:
The correct statement regarding land in a business context is that land has an indefinite useful life and is therefore not depreciated. This means that unlike assets such as vehicles, machinery, or buildings, which are subject to wear and tear over time and thus depreciated, land does not typically decrease in value due to usage or time.
In contrast, land improvements such as driveways, fencing, and parking lots are subject to depreciation because they have a determinable useful life and their condition can deteriorate over time.