Which one of the following statements is correct regarding the general deduction formula?
(1 Mark)

Question

Which one of the following statements is correct regarding the general deduction formula? 
 (1 Mark)

Accepted Answer

Legal fees incurred in drafting employment contracts for the business are generally allowed as a deduction

Answer

A business owner that runs their business from their private home may deduct all their domestic expenses in determining the taxable income of the business

Answer

A business owner may deduct all cell phone expenses as long as the contract is in his/her name

Answer

Expenses paid for the marketing of a new product are not allowed as a deduction

Crowdly

Which one of the following statements is correct regarding the general deduction...

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