which of the following items is 50% or more deductible in the year incurred or p

Question

which of the following items is 50% or more deductible in the year incurred or paid, in arriving at income from business? 1) Cost of golf club dues for a sales manager who is expected to promote products to customers during golf games 2) Legal fee to obtain a first mortgage loan on an office building 3) Term life insurance premiums for a life insurance policy pledged as collateral for a bank loan used for a business expansion 4) Cost of advertising in a foreign newspaper that is directed at a Canadian market

Explanation / Answer

Solution: Cost of golf games due for a sales manager who is expected to promote products to customer during golf games.

Explanation: While arriving at income from business the promotional expenditure to promote products to customer during golf games are allowed for deduction at the rate of 50% or more in the year incurred or paid

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