IT487- General limitation on deduction of outlays or expenses

NO: IT-487 DATE: April 26, 1982 SUBJECT: INCOME TAX ACT General Limitation on Deduction of Outlays or Expenses REFERENCE: Paragraph 18(1)(a) 1. Paragraph 18(1)(a) provides a general restraint on the deductions permitted in the computation of income of a taxpayer from a business or property by prohibiting the deduction of an outlay or expense except to […]

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