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Section 8-1 of the ITAA97 provides, inter alia, that: all losses and outgoings to the extent to which they are incurred in gaining or producing

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Section 8-1 of the ITAA97 provides, inter alia, that: all losses and outgoings to the extent to which they are incurred in gaining or producing assessable income are allowable deductions except to the extent that they are losses or outgoings of capital...." Required Discuss the judicial tests applied to the evaluation of the term capital in reference to s8-1. Illustrate your answer by reference to case precedents

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