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You operate a business and file your tax return on a calendar-year basis. You bought a fire insurance policy on your building effective November1, Year1,
You operate a business and file your tax return on a calendar-year basis. You bought a fire insurance policy on your building effective November1, Year1, and paid a premium of $1,200 for 2years of coverage. How much can you deduct on your Year 1 return? is $600 correct?
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