2nd QUIZ

Under deemed sale lease, lessor can claim capital allowance.

• True

• False

Under non-deemed sale lease, rental payment is an allowable deduction for lessee.

• True

• False

Lessee owns the leased asset under non-deemed sale lease.

• True

• False

Gross income from lease rental is deemed to be accrued evenly throughout the lease period.

• False

• True

Special purpose assets fall under non-deemed sale lease.

• False

• True

Mining allowance is deemed as revenue expenditure.

• True

• False

There are five types of qualifying forest expenditure.

• True

• False

The rates for agriculture allowance are 10%, 20% and 50%.

• True

• False

Forest allowance is deducted against adjusted income of a plantation company.

• True

• False

A timber extraction company can claim forest allowance.

• False

• True