Lloyd Corporation,a calendar year accrual basis taxpayer,pays its insurance premium each year on June 1,the anniversary of the policy.The premium paid this year is $9,600 while last year's was $9,000.How much of is Lloyd's deduction for insurance this year?

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The Answer of Lloyd Corporation,a calendar year accrual basis taxpayer,pays its insurance premium each year on June 1,the anniversary of the policy.The premium paid this year is $9,600 while last year's was $9,000.How much of is Lloyd's deduction for insurance this year?

Lloyd Corporation,a Calendar Year Accrual Basis Taxpayer,pays Its Insurance Premium