Business, 13.11.2019 18:31 ashhuizing
Vernon is a cash basis taxpayer with a calendar tax year. on october 1, 2018, vernon entered into a lease to rent a building for use in his business at $3,000 a month. on that day vernon paid 18 months' rent on the building, a total of $54,000 ($3,000 × 18 months). how much may vernon deduct for rent expense on his 2018 tax return?
a.$54,000
b.$0
c.$12,000
d.$36,000
e. none of these choices are correct.
Answers: 2
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Vernon is a cash basis taxpayer with a calendar tax year. on october 1, 2018, vernon entered into a...
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