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Referability not referenced: divergent cases on timing of deductions

Published on 01 Oct 10 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The meaning of "incurred" is important in ascertaining the timing of s 8-1 deductions. Unfortunately, some of the cases defining incurred are difficult to reconcile. Case law also establishes that a loss or outgoing is not deductible under s 8-1 until a year to which it is "properly referable", even if it was incurred earlier. This article submits that the cases defining incurred could be reconciled by reinterpreting anomalous cases as implicit applications of the proper referability doctrine.

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Tim NEILSON
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