1. Discuss the deductibility of the $70 000 expense for Paper Co (4 marks). Paper Co (the taxpayer) imports and manufactures specialty paper products for printing and design. In 2018, Paper Co was required to defend itself and its directors in legal proceedings.

| November 30, 2018

1. Discuss the deductibility of the $70 000 expense for Paper Co (4 marks). Paper Co (the taxpayer) imports and manufactures specialty paper products for printing and design. In 2018, Paper Co was required to defend itself and its directors in legal proceedings. Paper Co had been charged criminally with paying bribes to officials to allow them to import certain paper products from Indonesia. The charges were eventually dropped against Paper Co, but they had already incurred $70 000 in fees …

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