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

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

Items:

  1. Bad debt which represent 5 percent of aged receivables
  2. Subscription to Chamber of Commerce
  3. Legal expenses to recover debt
  4. Expenditure on the improvement in capital assets
  5. Donations to University of the Commonwealth Caribbean
  6. 30 percent contribution to an approved retirement scheme
  7. Cost of acquiring non-current assets
  8. Cost to install an advertising billboard
  9. Donation to the Peoples National Party
  10. Cost of airline tickets for business trip to Miami (Manager and Wife)

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