Riaad Singh (age 45) incurred the following expenses during the 2024 year of assessment: He paid

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Riaad Singh (age 45) incurred the following expenses during the 2024 year of assessment:

• He paid R10 000 in terms of traffic fines

• He purchased trading stock amounting to R300 000

• Expenses amounting to R50 000 in terms of theft.

Indicate the amount that will be allowed as a deduction in terms of Section 10(a) of the Income Tax Act

• A. R60 000

• B. R300 000

• C. R360 000

• D. R310 000

Related Book For answer-question

South Western Federal Taxation 2017 Comprehensive

ISBN: 9781305874169

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young

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Posted Date: Oct 31, 2023 06:14 AM

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Riaad Singh (age 45) incurred the following expenses during the 2024 year of assessment: He paid

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South Western Federal Taxation 2017 Comprehensive

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