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