In the time period we're discussing, most railroads kept probably at least three sets of books: ICC accounting rules for the annual Form A report to the Commission, GAAP (Generally Accepted Accounting Principles) for reports to the shareholders, and tax books for dealing with our dear friends at the IRS (not to mention perhaps seperate books for some states). All these had different rules for dealing with capital expenditures. Moreover, there were yet seperate rules related to car hire that affected what consituted a "new" car for car hire purposes, which was a big bucks consideration in the cash flow. And if I remember correctly, the ICC rules incorporated a concept of "additios and betterments" (which may have applied only to right of way and track, my memory dims every day).
It was complex, and when we used to do capital budgeting analyses, all kinds of screwy rules like this had to be taken into account....resulting sometimes in some rather weird results. For example, more money than needed might be spent on an overhaul in order to qualify it as a rebuild, so that the costs could be capitalized and not expensed. I remember car leasing companies paying to have new cars moved for delivery, rather than leting them be loaded and getting a free move, so that the delivery cost could be capitalized and the applicable per diem increased.
This is why the use of the term "rebuilt" kinda fascinated me above. Lot of interesting stuff can be hidden behind a simple term.