TriStar Industries Was Recently Denied the Deduction of the Life

question 9

Multiple Choice

TriStar Industries was recently denied the deduction of the life insurance premiums on the life insurance policies of their key executives on its most recent tax return.Which of the following general limitations to business profit determination best describes the reason for the Canada Revenue Agency's decision?

• A) exempt-income test
• B) personal-expense test
• C) insurance proceeds exemption
• D) reserve test

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Definitions:

Sexual Objectification

Treating a person merely as an instrument for sexual pleasure without regard to their personality or dignity.

Eating Disorders

Mental disorders that are characterized by abnormal or disturbed eating habits, which can severely impact one's health and wellbeing.

High Self-esteem

A positive evaluation of oneself; having confidence and satisfaction in one's own abilities and value.

Priming

Activation of accessible categories or schemas in memory that influence how we process new information.