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Hello, I am having trouble with the below problem, can someone assist me with it. Maud, a calendar year taxpayer, is the owner of a
Hello, I am having trouble with the below problem, can someone assist me with it.
Maud, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On February 1, 2014, she leases an office building to use in her business for $120,000 for an 18-month period. To obtain this favorable lease rate, she pays the $120,000 at the inception of the lease. How much rent expense may Maud deduct on her 2014 tax return?
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