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Business, 30.03.2020 22:18 cia196785920

Vernon is a cash basis taxpayer with a calendar tax year. On November 1, 2018, Vernon entered into a lease to rent a building for use in his business as $4,000 a month. On that day Vernon paid 6 months rent on the building, a total of ($24,000 x 6 months). How much may Vernon deduct for rent expense on his 2018 tax return?

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Vernon is a cash basis taxpayer with a calendar tax year. On November 1, 2018, Vernon entered into a...

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