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posted Jun 5, 2019 3:36:53 PM

How would an s corp record the sale of a lease? The business was closed and the lease was transferred to another business. Should it be included in the business income?

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Expert Alumni
Jun 5, 2019 3:36:54 PM

If the lease transfer was done for compensation, that compensation must be reported as business income.

1 Replies
Expert Alumni
Jun 5, 2019 3:36:54 PM

If the lease transfer was done for compensation, that compensation must be reported as business income.