On Feb 1, Year 1, John (cash-based taxpayer) pays $3,600 for office supplies that he...
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Accounting
On Feb 1, Year 1, John (cash-based taxpayer) pays $3,600 for office supplies that he expects to last until Jan 31, Year 4. Prorate the supply expenses by months if needed.
(a) How much expense of office supplies can John deduct in Year 1?
(b) How much expense of office supplies can John deduct in Year 2?
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