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Income Tax Keyed to Lind
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Commissioner v. Boylston Market Ass
Facts
Taxpayer deducted each year the amount of prepaid insurance premiums applicable to carrying insurance for that year regardless of when the premium was paid. The Commissioner limited the taxpayer’s deductions for the insurance expense to premiums paid during the tax year. The Board of Tax Appeals reversed holding that the taxpayer must deduct on a prorated basis over the life of the asset, which in this case is the insurance coverage.
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