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Vernon is a cash basis taxpayer with a calendar tax year .On October 1 , 2017 , Vernon entered into a lease to rent a
Vernon is a cash basis taxpayer with a calendar tax year .On October 1 , 2017 , Vernon entered into a lease to rent a building for use in his business at $3000 a month. On that day Vernon paid 18 months rent on the building , a total of $54000 ($300018 months). How much may Vernon deduct for rent on his 2017 tax return?
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