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What amount can the company deduct in the current year

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Reference no: EM133069600

Assume that a company self-insures for the first $200,000 of losses to its manufacturing facility. By doing so, they save $40,000 in insurance premiums and put this money into a reserve account for future losses. In addition, they purchase a policy that costs $65,000 to insure loss from $200,001 - $2,000,000. What amount can the company deduct in the current year?

Reference no: EM133069600

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