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Millie operates a business and files her tax return on a calendar-year basis. She paid $1,200 for two years of fire insurance on her building

Millie operates a business and files her tax return on a calendar-year basis. She paid $1,200 for two years of fire insurance on her building on November 1. Millie is a cash basis taxpayer. How much of the insurance premium paid can she deduct on her tax return this year?

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