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Ellen, Lawyer
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Experience:  Lawyer, Accountant and Researcher
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"Weblaw" . The Business Purpose Concept means: I. that

Resolved Question:

. The Business Purpose Concept means:

I. that the economic purpose of the transaction must exceed the tax avoidance motive.
II. that the taxpayer’s dominant motive for an expenditure is to earn a profit. (Points : 1)
Only statement I is correct.
Only statement II is correct.
Both statements are correct.
Neither statement is correct.
Submitted: 5 years ago.
Category: Homework
Expert:  Ellen replied 5 years ago.

WebLaw :

Both statements are correct.

WebLaw :

thank you.

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