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q1 i) What do you understand by the term businesses? ii) How do you determine whether a person is carrying on a business? iii) What

i) What do you understand by the term businesses?

ii) How do you determine whether a person is carrying on a business?

iii) What is The Badges of Trade? Discuss some of the salient features taken into account in the Badges of Trade.

iv) How would you distinguish between a capital income and a revenue income?

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