RECOMMENDED!!ACC 385-Carlos leased 200 acres of farmland for use in his farming

  

94. Carlos leased 200 acres of farmland for use in his farming operations. The lease term was10 years starting on January 1, 2004. The annual rental was $100,000. Early in the lease,Carlos constructed a $50,000 drying facility on the leased land. As of January 1, 2011,Carlos assigned all his lease rights to Lindsey for the balance of the lease. Lindsey paidCarlos $150,000 on January 1 for the lease term and for the value of the drying facility -$125,000 allocated to the lease term and $25,000 to the drying facility. Additionally,Lindsey paid the $100,000 annual rent payment to the lessor. If the drying facility weredepreciated, the deprecation deduction would be $2,000. What is the total amountLindsey may deduct on her 2011 tax return for the leased 200 acres includingdepreciation, if any?

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