List and explain the six badges of trade.
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List and explain the six badges of trade.
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The term badges of trade refers to the factors that are used to determine whether an activity qualifies as trade or business These badges or indicators have been developed and refined through various court cases over the years Although tax laws vary by jurisdiction these badges of trade often play a crucial role in determining ones tax liabilities 1 Profit Motive If the activity is conducted with an aim to make a profit it is likely to be considered trade This motivation is typically seen as a clear indicator ...View the full answer
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