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Assignment Problem One - 1 (Application of General Tax Principles) Many of the provisions of the Income Tax Act are written in very general terms.

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Assignment Problem One - 1 (Application of General Tax Principles) Many of the provisions of the Income Tax Act are written in very general terms. For example, ITA 18 lists a number of general characteristics that must apply before a particular expense can be deducted in the computation of business income. Required: Indicate the situations in which such generally worded provisions of the Income Tax Act will be overridden

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