Question: Indicate whether the statement below is TRUE or FALSE and include a brief explanation for your answer. Where possible, refer to a source of law.

Indicate whether the statement below is TRUE or FALSE and include a brief explanation for your answer. Where possible, refer to a source of law.

A taxpayer who conducts an activity that has only generated losses and which has not generated any revenue will not be carrying on a business, as profit is one of the key indicators if business. (1.5 marks)

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