Landscaping costs incurred and paid during the fiscal year, may be deducted in the determination of business income. True False Finance costs, costs incurred to acquire capital, are 100% deductible in the year the cost are incurred. True False If a reserve was deducted in the determination of business income last year, the reserve must be added back for the current tax year. True False A method of accounting for income based on cash receipts and cash disbursements. > An asset that is held for the purpose of producing income. A taxation year that does not exceed 53 weeks. 5. Business Income 6. Capital Asset