Based on the scenario, what is the classification of the tenancy? Lionel had a rental agreement with Kris for Kris to lease storefront space for 5 years. 5 years has passed, but Kris still uses the space and pays Lionel rent. Kris’s tenancy is best classified as: Tenancy for years Tenancy at sufferance Tenancy at will Periodic tenancy

Based on the scenario, what is the classification of the tenancy? Lionel had a rental agreement with Kris for Kris to lease storefront space for 5 years. 5 years has passed, but Kris still uses the space and pays Lionel rent. Kris’s tenancy is best classified as: Tenancy for years Tenancy at sufferance Tenancy at will Periodic tenancy

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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A 71% leased 71,000 square foot office building in San Diego was acquired in February 2017 by a California LLC for $39 million. The property’s building/land ratio was determined to be 90/10 at the time of acquisition by the LLC’s accountant. The property was sold in February 2023 for $80 million after leasing the building to 92% occupancy. Tax deductible selling costs included a brokerage fee that was 4% of the sale price plus legal fees and other closing costs of $200,000. What was the total amount of the capital gain plus depreciation recapture upon which tax must be paid on the sale? $37,600,000 $43,000,000 $41,000,000 $46,400,000
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