Shanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Shanna pays $14,200 rent on April 1, 2019 for the 12 months ending March 31, 2020. Do not round any division. a. How much is Shanna's deduction for rent expense in 2019? b. Assume the same facts, except that the $14,200 is for 24 months rent ending March 31, 2021. How much is Shanna's deduction for rent expense in 2019? $1
Shanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Shanna pays $14,200 rent on April 1, 2019 for the 12 months ending March 31, 2020. Do not round any division. a. How much is Shanna's deduction for rent expense in 2019? b. Assume the same facts, except that the $14,200 is for 24 months rent ending March 31, 2021. How much is Shanna's deduction for rent expense in 2019? $1
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 26CE
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Transcribed Image Text:Shanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Shanna pays $14,200 rent
on April 1, 2019 for the 12 months ending March 31, 2020.
Do not round any division.
a. How much is Shanna's deduction for rent expense in 2019?
b. Assume the same facts, except that the $14,200 is for 24 months rent ending March 31, 2021. How much is Shanna's deduction for rent
expense in 2019?
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