Reference no: EM132380240
Question
A) On Dec. 15, 2018, Julie's Tax Prep, a cash-method taxpayer, prepaid $3,000 worth of deductible interest on a business loan. The interest won't accrue until January 2019. Julie's Tax Prep will be displaying for the first time at a trade show in July 2019. On Dec. 16, 2018, Julie's prepaid the $6,000 trade show booth rental expense. The payment isn't due until May 2019, and use of the booth will occur in July 2019.
In addition, On Dec. 28, 2018, Ed's Equipment repaired some equipment in Julie's office and billed Julie's $5,000. Julie's received the invoice on Dec. 28, 2018 and paid the $5,000 invoice on Jan. 29, 2019. How much of the $14,000 in deductible business expenses may Julie's Tax Prep deduct in 2018?
B) In addition to the $14,000 in expenses, in Dec. 2018, Julie's Tax Prep paid two years' worth of office rent ($2,000/month * 24 months = $48,000). The rent covers Dec. 1, 2018 through Nov. 30, 2020. How much of the $48,000 rent can Julie's deduct in 2018?
C) Instead, Julie's Tax Prep only paid six months' worth of office rent ($2,000/month * 6 months = $12,000) in Dec. 2018. The rent covers Dec. 1, 2018 through May 31, 2019. How much of the $12,000 rent can Julie's deduct in 2018
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