When Lessor Owned Leasehold Improvements Are Abandoned Because of the Termination

question 83

True/False

When lessor owned leasehold improvements are abandoned because of the termination of the lease, a loss can be taken for the unrecovered basis.

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Definitions:

Deposit

An upfront payment or security placed in trust or as a guarantee for the fulfillment of an obligation or purchase.

Majority

More than half of a particular group or amount; often referring to the greater part of a specific population or quantity.

Repudiated

Refers to the rejection or denial of a claim or contract.

Binding

Describes an agreement, contract, or decision that is legally enforceable, requiring parties involved to adhere to the terms set forth.