Business, 24.03.2020 00:27 jaycobgarciavis

In January of year 0, Justin paid $4,800 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.)

a. The policy covers the business property from April 1 of year 0 through March 31 of year 1.
b. The policy begins on February 1 of year 1 and extends through january 31 of year 2.
c. Assume Justin paid $6,000 for a 24-month policy that covers from April1,year0 through March31,year2.
d. Assume that instead of paying an insurance premium, Justin paid $4,800 to rent his business property from April1 of year 0 through March 31 of year 1.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 16:00

Suppose matt and bree go out to get pizza. they order breadsticks and a large pepperoni pizza. after eating the breadsticks, and one piece of pizza bree decides to have an additional piece, but she does not eat a third piece. if bree is a rational individual why did she not eat the third piece of pizza? the marginal cost of the

Answers: 2

Answer

Business, 22.06.2019 08:30

Conor is 21 years old and just started working after college. he has opened a retirement account that pays 2.5% interest compounded monthly. he plans on making monthly deposits of $200. how much will he have in the account when he reaches 591 years of age?

Answers: 2

Answer

Business, 22.06.2019 18:30

You should typically prepare at least questions for the people who will host you during a job shadow. a. 3 b. 4 c. 5 d. 2

Answers: 1

Answer

Business, 22.06.2019 20:30

1. what is the lowest balance during this period? 2. lily just received her bank statement below. a. what does the bank think her ending balance is? b. how much more does the bank think lily has? c. what transactions are missing? 3. what is the danger of not balancing your bank account? lily’s bank statement deposits: 2/25 $35 2/26 $20 3/1 $256.32 checks: 2/24 ck #301 $25 2/26 #302 $150 debit card: 2/24 american eagle $75.48 2/25 chick fa la $4.67 2/27 mcdonalds $3.56 2/28 chevron $34.76 withdrawal: 2/27 $40 beginning balance $423.34 deposits $311.32 total debits $333.47 ending balance $401.19

Answers: 1

Answer

You know the right answer?

In January of year 0, Justin paid $4,800 for an insurance policy that covers his business property f...

Questions