Assume the same facts as the problem above except the premium is for coverage from August 1,
Question:
Assume the same facts as the problem above except the premium is for coverage from August 1, 2019 to July 31, 2021. What is the largest deduction Wagner Co. can take in 2019?
Data from in problem above
Wagner Co. is a cash-basis, calendar-year taxpayer. On August 1, 2019, it paid an insurance premium of $4,800 for coverage from August 1, 2019 to July 31, 2020. What is the largest deduction Wagner Co. can take in 2019?
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Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
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Related Book For 
CCH Federal Taxation Basic Principles 2020
ISBN: 9780808051787
2020 Edition
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
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