Solution-What amount may Mr J deduct as an insurance expense

What amount may Mr J deduct as an insurance expense

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Reference no: EM132078423

Question - Mr. J, a cash-method taxpayer, operates a business and files his return on a calendar-year basis.

In Year 1, Mr. J took out a 3-year fire insurance policy on his building effective November 1.

On January 1, Year 2, Mr. J paid a premium of $1,800 for the 3 years. What amount may Mr. J deduct as an insurance expense in Year 2?

Reference no: EM132078423

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What amount may Mr J deduct as an insurance expense

Reference no: EM132078423

Reference no: EM132078423

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