How would a company account for land donated to them to from the City of New York to build their company on? In return for the land, XYZ company has agreed to build their facility and operate it for no less than 7 years. The fair market value of the land is 3 million. Can the company owner treat the market value of the land as income? Is there any other liabilities or disclosures that go with this type of donation? Thank you.
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