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On July 1, 2021, Harry (cash-basis tax payer) pays $2,400 for a 12- month insurance policy that covers his business assets from July 1, 2021

On July 1, 2021, Harry (cash-basis tax payer) pays $2,400 for a 12- month insurance policy that covers his business assets from July 1, 2021 through June 30, 2022. When may Harry deduct the $2,400 business expense?

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