Is the income from a lease buyout taxable?
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Is the income from a lease buyout taxable?

My business leases an office space. We have a 10-year lease in place. Our building just sold to new owners. Our new landlords want to utilize all the space in the building, thus they would like us to leave, but can't just kick us out due to our long lease. They offered to "buyout" our lease agreement. That is, pay us to change/cancel the lease and move our operations elsewhere. If we take the deal, would the payments we receive be taxable income? Capital gains? How do we figure out taxes on that?
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