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Level 5
November 24, 2021
Question

Lease Cancellation Fee - 1234A

  • November 24, 2021
  • 1 reply
  • 4 views

S-Corp is being paid a land lease cancellation fee that, under 1234A, qualifies as a sale of a capital asset (it was not 1231 property).  How do I enter that gain in Lacerte?  The regular disposition screen?  Anything else I should be thinking about?  Thank you!

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1 reply

TaxGirl3Author
Level 5
December 1, 2021

Any thoughts?