What is a reserve? Explain briefly the reserve system that is used in determining net business income.
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Q5: While business income and property income are
Q6: Both employees and self-employed individuals can deduct
Q7: Both GAAP and income tax legislation require
Q8: The ability to use a reserve for
Q9: Section 18 of the Income Tax Act
Q11: List three reserves that can be deducted
Q12: For tax purposes, the sale of inventories
Q13: Describe the tax rules that apply to
Q14: Describe the alternative methods of inventory valuation
Q15: ITA 67 indicates that no deduction is
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