Lloyd corporation a calendar year accrual basis taxpayer, Auditing

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Lloyd corporation a calendar year accrual basis taxpayer

Problem

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 in 2016 is $9,600 while the premium paid in 2015 was $9,000. How much can Lloyd deduct for insurance in 2016? • Lloyd Corporation, a calendar year accrual basis taxpayer, pays its rent each year on June 1. The rental payment in 2016 is $9,600 while the rental payment in 2015 was $9,000. How much can Lloyd deduct for rent in 2016?

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Auditing: Lloyd corporation a calendar year accrual basis taxpayer

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