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3. Tyler T. Tycoon owns various office buildings and warehouses throughout the city of Dallas. He rents one building to Kate, Saperstein and Sons, a
3. Tyler T. Tycoon owns various office buildings and warehouses throughout the city of Dallas. He rents one building to Kate, Saperstein and Sons, a large department store. The lease is for four years and calls for a rental of $12,000 a year. Rent is payable in quarterly installments on March 31, June 30. September 30, and December 31. On May 1 Tyler transferred all the rights under the lease to his son, Tex. At that date, the lease had 44 months to run. This year Tex collected $9,000 of rents. He paid his father the $1.000 rent received for the month of April during which he was not the owner of the lease. For the year. Tyler will report rental income of
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