A lessor is paid $45,000 by its commercial tenant as a lease cancellation fee. The tenant wanted to get out of its lease so it could move to a different building. The lessor has held the lease for three years before it was canceled. The lessor had a zero tax basis for the lease. The lessor has received: * a. Ordinary income of $45,000. b. Long-term capital gain of $45,000. c. Short-term capital gain of $45,000. d. Neither gain nor loss. e. None of the above.
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Home » Business » A lessor is paid $45,000 by its commercial tenant as a lease cancellation fee. The tenant wanted to get out of its lease so it could move to a different building. The lessor has held the lease for three years before it was canceled.