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ACC30005 Taxation 1. Briefly outline the difference between the positive limbs and negative limbs of section 8-1 ITAA97. 2. The fourth negative limb denies losses

ACC30005 Taxation

1. Briefly outline the difference between the positive limbs and negative limbs of section 8-1 ITAA97.

2. The fourth negative limb denies losses or outgoings to the extent that a provision in the Acts prevent the deduction. Identify and provide an explanation of three denying provisions according to Division 26. You may use examples to assist in your explanation.

Determine whether the following statements is either true or false.

i. Food and drink will always be classified as private or domestic in nature.

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