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How much is Shanna deduction for rent expense

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Reference no: EM132666745

Problem - Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays $8,400 rent on April 1, 2019, for the 12 months ending March 31, 2020.

Required -

a. How much is Shanna's deduction for rent expense in 2019?

b. Assume the same facts, except that the $8,400 is for 24 months' rent ending March 31, 2021. How much is Shanna's deduction for rent expense in 2019?

Reference no: EM132666745

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