Taxation, 2014 Bar — Question XII

MULTIPLE CHOICE

Which of the following should not be claimed as deductions from gross income? (1%) (A) discounts given to senior citizens on certain goods and services. (B) advertising expense to maintain some form of goodwill for the taxpayer's business. (C) salaries and bonuses paid to employees. (D) interest payment on loans for the purchase of machinery and equipment used in business.

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