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    mmgarland's Avatar
    mmgarland Posts: 1, Reputation: 1
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    #1

    Mar 2, 2011, 04:22 PM
    Recording Rent Buyout by another tenant?
    There is a balance of 3 years on a ten year lease. Another tenant in the bldg wanted the space. Paid $50k to take over the lease. Owner of the building allowed us to out of the lease as long as we took another suite in the building and signed a new lease for three years on the new suite. Is this income or can it offset the rent expense for the remainder of 2011? We are a 501c3.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 17, 2011, 11:47 AM
    The tax rules for 501(c)(3) organizations is a specialized, niche area of tax expertise, so I suspect you will NOT get an answer to your question on THIS forum.

    You need to consult with a tax professional who specilaizes in that specialized tax field.
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