微信扫一扫
实时资讯全掌握
| Nare, an accrual-basis taxpayer, owns a building which was rented to Mott under a 10-year lease expiring August 31, 2016. On January 2, 2012, Mott paid $30,000 as consideration for canceling the lease. On November 1, 2012, Nare leased the building to Pine under a 5-year lease. Pine paid Nare $10,000 rent for the 2 months of November and December, and an additional $5,000 for the last month’s rent. What amount of rental income should Nare report in its 2012 income tax return? A. $40,000 B. $15,000. C. $10,000 D. $45,000 |