Capital expenses, not depreciating assets.

In any case, my broader point is that tax law for businesses and other taxable organisations is not as simple as "we didn't make a profit and therefore pay no tax this year", and therefore as someone who isn't a qualified tax accountant, I can't really say with much accuracy what impact particular changes to tax law are going to have on the overall financial position of an organisation like a church.

One of the companies I used to work for - the joke was they are a land acquiring company under the guise of technology. They did tech too and made a lot of money, but they made decent sum from land too.

Same may be going on for churches too.