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Discuss the deductibility of the items in each of the cases

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Reference no: EM133608071

Problem

Following is a set of exclusive events and transactions

I. A taxpayer incurred legal fees in securing registration as a tax agent.

II. Legal fees incurred by a doctor to defend his right to practice.

III. The cost incurred by a drive-in theatre operator to reconstruct a public access road damaged by water, converting it from a gravel road into a more wear-resistant bitumen road

IV. 4 The cost incurred by an accountant to attend an international conference in Europe. Travel cost $3,000, accommodation cost $1,500, a trip to Paris Disney $100, travel cost to visit a brother in Berlin $500, and conference cost $2,500.

V. Business gifted shares to a registered political party in Australia. Acquired shares two years ago for $2,000 and, on the date of the gift, were valued at $12,000.

Task

Discuss the deductibility of the items in each of the following cases, mentioning any relevant sections and citing all pertinent case law.

Reference no: EM133608071

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