Reference no: EM132213945
Question: Shanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Shanna pays $8,400 rent on April 1, 2018, for the 12 months ending March 31, 2019.
a. How much is Shanna's deduction for rent expense in 2018?
b. Assume the same facts, except that the $8,400 is for 24 months' rent ending March 31, 2020. How much is Shanna's deduction for rent expense in 2018?
27. LO.2 Falcon, Inc., paid salaries of $500,000 to its employees during its first year of operations. At the end of the year, Falcon had unpaid salaries of $45,000.
a. Calculate the salary deduction if Falcon is a cash basis taxpayer.
b. Calculate the salary deduction if Falcon is an accrual basis taxpayer.
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How much is shanna deduction for rent expense
: Shanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental agreement, Shanna pays $8,400 rent on April 1, 2018.
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