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In January of the current year, Julio paid $8,000 for a commercial general liability insurance policy...

In January of the current year, Julio paid $8,000 for a commercial general liability insurance policy that covers his business. Julio is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Julio deduct in the current year under the following facts? (Leave no answers blank. Enter zero if applicable.)

c. Julio pays $9,200 for a 24-month policy that covers the business from April 1 of the current year (2020), through March 31, year 2022. (Do not round intermediate calculations.)

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ekkarill92 answered 1 year ago
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