Nare, an accrual-basis, calendar-year taxpayer, owns a building that was rented to Mott under a 10-year lease expiring August 31, Year 3. On January 2, Year 1, Mott paid USD30,000 as consideration for canceling the lease. On November 1, Year 1, Nare leased the building to Pine under a five-year lease. Pine paid Nare USD5,000 rent for each of the two months of November and December, and an additional USD5,000 for the last month's rent. What amount of rental income should Nare report in its Year 1 income tax return?
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