Newton, a business owner, signed a ten-year lease beginning in July of 20X14, and immediately paid rent for the remainder of 20X14, all of 20X15, and all of 20X16. How much of the rent paid at the lease signing can be declared as a business expense on Schedule C of Newton’s 20X14 tax return?

a. All of it

b. The July 20X14 – June 20X15 portion only

c. None of it

d. The 20X14 portion only