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Posted on Oct 18, 2024

On September 1 , 2 0 2 4 , XYZ , Inc. paid $ 5 , 0 0 0 for a 1 2 - month

On September

1, 2024,

XYZ

,

Inc. paid $

5, 000

for a

12 -

month insurance contract spanning from January

15, 2025

through January

14, 2026 .

How much of the $

5, 000

may XYZ deduct in

2024

if they use the cash method of accounting?

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