For each item below, state whether it is an allowable, not allowable or partially allowable deduction. 1 Mark each (10 marks)

Items:

1. Legal expenses incurred to review new civil engineering contract
2. Foreign exchange loss for the payment of overseas consultancy service
3. loan instalments repayment for a company bond
4. Cost of acquiring non-current assets
5. Cost to install an advertising billboard
6. Monthly interest expense on a capital loan
7. Finance charges for an operating lease