With reference to the case of Fletcher v FCT 91 ATC 4950 when claiming a deduction for
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Question:
With reference to the case of Fletcher v FCT 91 ATC 4950 when claiming a deduction for interest expenses a taxpayer’s subjective purpose in borrowing money will:
Select one:
1. Never be relevant to determine if the amount is deductible.
2. Be relevant if the taxpayer is a resident of Australia.
3. Only be relevant if the taxpayer has earned income that is greater than the amount of the deduction.
4. Always be relevant in determining if the amount is deductible.
5. Be relevant if the taxpayer has claimed a deduction that is much greater than any income that is likely to be earned from the income earning activity.
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Posted Date: