Consuela was a tenant in a campus apartment. She is a student at State University. Her lease

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Consuela was a tenant in a campus apartment. She is a student at State University. Her lease began on August 1, 2022, and was due to expire on July 31, 2023. However, her landlord sold the building, and the new owner wanted to demolish it to build a retail building. Consuela’s landlord paid her $1,000 to cancel the lease. Consuela received the $1,000 on November 30, 2022; moved out; and rented another apartment. How should Consuela treat the $1,000?

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South Western Federal Taxation 2023 Comprehensive Volume

ISBN: 9780357719688

46th Edition

Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young

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