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Polly owns The Palms Apartments. During the year, Molly Ann, a tenant, moved to another state. Molly Ann paid Polly $9,000 to cancel the two-year lease she had signed. Polly then rented the apartment to Elvis who paid the first and last months' rents of $1,000 each and a security deposit of $1,600. Polly also owns a building used as a dance club. The owner of the club requested that Polly add on another room to be used for private parties. Polly refused but allowed the club owner to make the addition at a cost of $40,000. What amount should be included in Polly's income with regard to these items? I Page 61 of 61 Previous Page Next Page