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Required information [The following information applies to the questions displayed below.] In January of year 0 , Justin paid $4,800 for an insurance policy that
Required information [The following information applies to the questions displayed below.] In January of year 0 , Justin paid $4,800 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. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. a. The policy covers the business property from April 1 of year 0 through March 31 of year 1. Required information [The following information applies to the questions displayed below.] In January of year 0 , Justin paid $4,800 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. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. b. The policy begins on February 1 of year 1 and extends through January 31 of year 2 . Required information [The following information applies to the questions displayed below.] In January of year 0 , Justin paid $4,800 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. What amount of the insurance premium may Justin deduct in year 0 in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. Justin pays $6,000 for a 24-month policy that covers the business from April 1, year 0, through March 31 , year 2. te: Do not round intermediate calculations
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