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Tom is a cash basis taxpayer. On October 1 of the current year, he prepays the annual premium of $6,800 for a one-year fire insurance

Tom is a cash basis taxpayer. On October 1 of the current year, he prepays the annual premium of $6,800 for a one-year fire insurance policy on the contents of his office. How much may Tom deduct in the current year?

a. $ 0

b. $ 400

c. $1,700

d. $5,100

e. $6,800

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