Summary
Summary General deductions
- Course
- Institution
All about general deductions
[Show more]
Seller
Follow
nbnoted
Content preview
NB notesGeneral deductions Court cases summary
Carrying on a trade
Burgess: Trade does not include income in the form of passive interest, dividends, annuities or
pensions
Expenditure and losses
Joffe & Co: Voluntary payment (expense) vs involuntary deprivation (Losses)
Labat: Expenditure paid through issue of shares is not a deductible expenditure
Actually incurred
Not necessarily incurred
Nasionale Pers: Suspensive condition postpones incurral (If there is still a condition it can’t be
deducted)
Edgars stores: Must be an unconditional legal obligation
Labat: Expenditure paid through issue of shares is not a deductible expenditure
Incurred during current YOA
Sub-Nigel Ltd: no expenditures of a precious YOA can be deducted
REFER TO PREPAID EXPENDITURES
In the Production of Income
Port Elizabeth Electric tramway Co: Has to be a necessary concomitant
Nemojim: Only expenditure used to generate income (and not exempt income) may be deducted
MTN Holdings: Audit fees deductible if evident that auditor’s role was necessary
Provider: Amount paid to keep employee at workplace is deductible
Not of a capital nature
New state areas: Cost to perform the income earning operations (deductible) vs cost of establishing
income earning structure (Not deductible)
Rand Mines: acquisition of income earning structure – not deductible
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller nbnoted. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.31. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
49497 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now