Exercise 6-28 (Algorithmic) (LO. 2) Meghan, a calendar year taxpayer, is the owner of a...
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Accounting
Exercise 6-28 (Algorithmic) (LO. 2) Meghan, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method. On February 1, 2021, she leases an office building to use in her business for $185,850 for an 18-month period. To obtain this favorable lease rate, she pays the $185,850 at the inception of the lease. How much rent expense may Meghan deduct on her 2021 tax return? Round any calculations to two decimal places and round the final answer to the nearest dollar
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