Melissa Smith is a barrister, not a small business entity, has incurred the following expenditure during the
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Question:
Melissa Smith is a barrister, not a small business entity, has incurred the following expenditure during the 2020-21 tax year:
- $1,000 desk which she uses in her chambers;
- $4,400 for a computer terminal which is situated on her desk;
- $3,300 of bookshelves in her chambers and
- $44,000 of books and law reports which Melissa bought from another barrister which sits on the bookshelves.
Required:
Calculate the potential deductibility of the above items for Melissa, noting she is not a small business entity. Show all calculations and refer to relevant legislation to support your answer.
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
Posted Date: