Explain the income tax treatment for each of the items listed below. Support your explanation with the relevant provision in the Income Tax Act 1967, case law or public ruling. State whether any adjustment need to be made to the net profit when computing the adjusted income for the year of assessment 2020 of a company which provides management services. Where adjustment is needed, describe how it should be made in the income tax computation.

1. Recovery of trade debt which has been reasonably estimated to be irrecoverable

2. Advance fees received for services to be rendered in 24 months

3. Compensation received for early termination of management service contract

4. Foreign exchange gain arising from translation of foreign investment at financial year end

5. Consideration received from a competitor for not providing certain management services in the area where the competitor carries on business.