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International Trading Firm presented the following financial information for year 2018: Net income from all sources for the firm is 200,000BD. Total tax acceptable expenses
International Trading Firm presented the following financial information for year 2018: Net income from all sources for the firm is 200,000BD. Total tax acceptable expenses are 75,000BD. Total tax unacceptable expenses are 15,000BD. The firm paid 10,000BD Dinars for maintenance costs for machine that has a value of 100,000BD. Required: 1. Determine the amount of maintenance expenses that can be deducted for the company's 2018 income tax purposes? Clarify the answer in light of the Tax Law? 2. Calculate the amount of Income Tax and net income of the firm for the year 2018
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