Question: For each item below, state whether it is an allowable, not allowable or partially allowable deduction. 1 Mark each (10 marks) Items: Legal expenses incurred

For each item below, state whether it is an allowable, not allowable or partially allowable deduction. 1 Mark each (10 marks)

Items:

  1. Legal expenses incurred to review new civil engineering contract
  2. Foreign exchange loss for the payment of overseas consultancy service
  3. loan instalments repayment for a company bond
  4. Cost of acquiring non-current assets
  5. Cost to install an advertising billboard
  6. Monthly interest expense on a capital loan
  7. Finance charges for an operating lease

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