ITA 67 indicates that no deduction is available for an outlay or expense, except to the extent that the outlay or expense was reasonable in the circumstances. Provide an example of an outlay or expense that would be disallowed by this provision.

Question

Quizplus · Accepted Answer

The Answer of ITA 67 indicates that no deduction is available for an outlay or expense, except to the extent that the outlay or expense was reasonable in the circumstances. Provide an example of an outlay or expense that would be disallowed by this provision.

ITA 67 Indicates That No Deduction Is Available for an Outlay