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Corporate Tax Question?
Ok, if a company is opening a new mall, and they give a popular store $10 million to be a part of the mall for the next 20 years, how would the popular store treat this money?
I have looked everywhere and I can't seem to find anything. Even a step in the right direction would be appreciated. Please include links with specific code and courts cases, if applicable.
THANKS!
Harry, that would be an answer from an a financial statement point of view. however, it's not how you would treat the taxation of it.
1 Answer
- hairy1Lv 68 years agoFavorite Answer
debit cash 10,000,000
credit unearned income 10,000,000
it would be amortized over the next 10 yrs at 1,000,000/yr
assuming there are no conditional clauses
Source(s): gaap
