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Business, 30.05.2020 19:03 kodakcam02

A cash-basis individual taxpayer owns 55% of Stone, a C-corporation. Stone uses the accrual method of accounting and owes the taxpayer $4,500 for rent incurred during year 1. In year 2, one-half of this expense was paid and reported as income by the taxpayer. What amount of this expense may Stone deduct for year 2?

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A cash-basis individual taxpayer owns 55% of Stone, a C-corporation. Stone uses the accrual method o...

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