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Jack, as the chief financial officer of Texana, incurred various expenses during the financial year ending in 2 0 2 4 , with the aim
Jack, as the chief financial officer of Texana, incurred various expenses during the financial year ending in with the aim of seeking tax deductions to reduce his tax liability. His expenditures were as follows: Fees and materials for a university course studying Master of Computer Science: $ Jack believes this Master course will assist in maintaining and developing Texana's computer system. Travel expenses from work to university and then from university to home: $ Meals expenses incurred during evening university classes: $ Income tax liability for the income year: $ Interest on a loan taken out to pay income tax liability: $ Business suits for visiting Texana's customers: $ Donation to a political Party before the Federal election: $ Expenses associated with an office set aside in Jack's home for work activities conducted in the evening and on weekends. These expenses cover a portion of the interest on his home loan, electricity, and depreciation of furniture and office equipment: $ Required: You must support your answers with legal sources legislation rulings or cases If you have insufficient information and need to make assumptions, those assumptions must be reasonable and must be stated. For each of these items of expenditure above, explain whether a deduction would be allowed.
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