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INVESTMENT HOLDING CO, A - total permitted exp incur in BP B- GI consist…

- - - - A*B/4C
      - 5% B
    - - Interest S4(c)
      - Rental S4(d) - even maintenance & support services provided
      - Dividend S4(c)
      - Mgt fee + other inc S4(f)
  - - - Interest S4(c)
      - Rental S4(d) - even maintenance & support services provided
      - Dividend S4(c)
      - Mgt fee + other inc S4(f)
    - - no deduction on expenses allowed if do not produce any inc
      - if direct exp>GI, deduction restricted to GI for YA
      - any excess disregarded
      - cannot absorbed by any other source of inc
      - cannot c/f subs YAs
    - - CA>adj inc, excess allowances cannot b/f to subs YAS
    - - allowable exp + common exp>GI, excess is CYBL - set off against adjusted inc
      - excess loss c/f against agg Y in subs YAs until fully unutilised