Solved: Does kim have to include the payment in gross income, Accounting Basics

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Does kim have to include the payment in gross income

Question:

Kim leased an office building to USA Corporation under a ten-year lease specifying that at the end of the lease USA had to return the building to its original condition if any modifications were made. USA changed the interior of the building, and at the end of the lease USA paid Kim $30,000 instead of making the required repairs. Does Kim have to include the payment in gross income? If so under what code(s)?

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Accounting Basics: Does kim have to include the payment in gross income

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