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Junior Member
Deductability of losses on bonds
This is currently a hot topic with accountants preparing end of year returns , and as I understand it, losses on bonds like Babcock and Brown are deductable, but those on preference shares in for example south canterbury finance are not. There is one other requirement. You have to be in the business of investing in bonds. This is what my question is about. How do you define being in the business.
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