BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following losses is NOT deductible?
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Losses of properties compensated for by insurance
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Losses arising from fires
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Losses arising from theft or embezzlement
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Losses arising from storms or shipwreck
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Explanation:
Detailed explanation-1: -Losses incurred due to damage, destruction, etc., of capital assets.
Detailed explanation-2: -Following Losses are Not Deductible from Business Income Loss incurred due to damage, destruction, etc., of capital assets. Loss incurred due to sale of shares held as investment. Loss of advances made for setting up of a new business which ultimately could not be started.
Detailed explanation-3: -1-Typically non-deductible expenses: Political Contributions. Burial, funeral, and cemetery expenses. Legal fees and expenses. Clothes.
Detailed explanation-4: -Home mortgage interest, medical expenses, contributions, and other personal expenses cannot be claimed as deductions for income tax purposes.
There is 1 question to complete.