Lwooridge1422 Lwooridge1422

01-03-2024
Business

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The owner of a hardware store who owned the real property where it was located, sold the real property and leased it back for a long term. For income tax purposes, the seller may:
a. Treat the leaseback as a true lease and report rental income as well as deduct related expenses
b. Include the leaseback as a sale-leaseback transaction and recognize any gain or loss on the sale portion
c. Opt for a like-kind exchange to defer the gain on the sale of the real property
d. Consider the leaseback as a financing arrangement and report the payments as interest income

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