In the current year, Melbourne Corporation pays the $2,000 annual premium for a life insurance policy on its president, for which Melbourne Corporation is the beneficiary. Melbourne also pays $20,000...

In the current year, Melbourne Corporation pays the $2,000 annual premium for a life insurance policy on its president, for which Melbourne Corporation is the beneficiary. Melbourne also pays $20,000 in annual premiums for group term life insurance for its employees as an employee benefit; the employees designate the beneficiaries. Additionally, Melbourne pays $16,000 in annual premiums for business fire, casualty, and theft insurance. How much can Melbourne deduct as business expenses?