tax allocation to land vs. apt buildings

[Bob Flynn]

I'm a member of a partnership that purchased several four-plexes last year.  I have reviewed my CPAs draft tax return and they have allocated 25% of our purchase price to land value and 75% to the buildings.  Therefore only 75% of our purchase price would be depreciable.  Certainly there are markets where land values make up a considerable portion of a purchase price but this is not one of them.  We bought the buildings below replacement cost so from a purely economic perspective we got the land for less than nothing.  Here's my question: how are investors allocating purchase prices in markets where land values are low and assets can be purchased below replacement cost?