Question: On December 1 , 2 0 2 4 , George, a calendar year and cash basis taxpayer, pays $ 1 2 , 0 0 0

On December 1,2024, George, a calendar year and cash basis taxpayer, pays $12,000 for a one-year premium on an insurance policy that takes effect January 15,2025 and provides coverage through January 14,2026. How much will George deduct on his 2024 tax return for the payment?
$0
$1,000
$2,000
$12,000
On December 1 , 2 0 2 4 , George, a calendar year

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