QUESTION 7 In January of year. Justin paid $7.000 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. The policy covers the business property from April 1 of year o through March 31 of year 1. What amount of the insurance premium may Justin deduct in year 0? QUESTION 8 In January of year , Justin paid $7,000 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. The policy begins on February 1 of year 1 and extends through January 31 of year 2 What amount of the insurance premium may Justin deduct in year 0