On December 15, Simon Corporation (a cash-basis, calendar-year corporation) paid $5,000 for five months of supplies and

Question:

On December 15, Simon (a cash-basis, calendar-year paid $5,000 for five months of supplies and $9,000 for an insurance policy covering its office building for the next three calendar years. How much can Simon deduct this year for these expenses?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...