Lloyd Corporation, a calendar year accrual basis taxpayer, pays its insurance premium each year on...
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Accounting
Lloyd Corporation, a calendar year accrual basis taxpayer, pays its insurance premium each year on June 1, the anniversary of the policy. The premium paid in 2016 is $9,600 while the premium paid in 2015 was $9,000. How much can Lloyd deduct for insurance in 2016? Lloyd Corporation, a calendar year accrual basis taxpayer, pays its rent each year on June 1. The rental payment in 2016 is $9,600 while the rental payment in 2015 was $9,000. How much can Lloyd deduct for rent in 2016?
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