How to minimize the tax consequences

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John is attorney earns a fee $500,000 plus the recovery of expenses paid up front in the amount of $30,000. He is thinking about buying the building that he currently lease his office space in. His current lease is $5,000 per month. How to minimize the tax consequences? Show the relevant IRC sections, regulations, court decisions, and other sourcesto support the conclusion.

Reference no: EM13125356

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