Economic Development Grant

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  • MarkCTX
    Member
    • Mar 2012
    • 67

    #1

    Economic Development Grant

    Client LLC receives an Economic Development Grant from the city to help build apartments in an area of town. The grant is in the amount of $104,000. Is this ordinary income to the LLC? reduction of basis? deferred income until apartments are completed? How should this money be treated in the current year?

    Mark
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