8. Youngstown Decking is an accrual basis taxpayer. On July 1, 2022, Youngstown paid $22,800 cash for a comprehensive liability and property insurance policy that covers a 24-month period. The deduction for insurance expense for 2022 is: a.$11,400. b.$22,800. c.$6,650. d.$5,700. e.$950.

8. Youngstown Decking is an accrual basis taxpayer. On July 1, 2022, Youngstown paid $22,800 cash for a comprehensive liability and property insurance policy that covers a 24-month period. The deduction for insurance expense for 2022 is: a.$11,400. b.$22,800. c.$6,650. d.$5,700. e.$950.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 7DQ

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Hw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?
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Subject - account Please help me. Thankyou.
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