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,...