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What amount of the insurance premium may Justin deduct

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Reference no: EM132560049

Question - In January of year 0, Justin paid $7,600 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting.

What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios?

Justin pays $8,800 for a 24-month policy that covers the business from April 1, year 0, through March 31, year 2.

Reference no: EM132560049

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