Tyrone, a cash basis physician, rents the building in which his office is located for $1,000 per month. He commenced his medical practice on April 1, 2015. In order to guarantee no rent increases during an 18 - month period, he signed an 18 - month lease and prepaid the $18,000 on April 1, 2015. How much can Tyrone deduct as rent expense for 2015?
Tyrone, a cash basis physician, rents the building in which his office is located for $1,000 per month. He commenced his medical practice on April 1, 2015. In order to guarantee no rent increases during an 18 - month period, he signed an 18 - month lease and prepaid the $18,000 on April 1, 2015. How much can Tyrone deduct as rent expense for 2015?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tyrone, a cash basis physician, rents the building in which his office is located for $1,000 per month. He commenced his medical practice on April 1, 2015. In order to guarantee no rent increases during an 18 - month period, he signed an 18 - month lease and prepaid the $18,000 on April 1, 2015.
How much can Tyrone deduct as rent expense for 2015?
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