[The following information applies to the questions displayed below.] In January of year 0, Justin...
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Accounting
[The following information applies to the questions displayed below.] In January of year 0, Justin paid $8,400 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? (Leave no answers blank. Enter zero if applicable.)
Problem 9-62 Part-c (Algo)
c. Justin pays $9,600 for a 24-month policy that covers the business from April 1, year 0, through March 31, year 2. (Do not round intermediate calculations.)
Deductible amount:
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