Is the following statement TRUE or FALSE? "A loss or outgoing is incurred where the taxpayer has 'completely subjected itself' to the loss or outgoing in the sense that the taxpayer has a 'presently existing liability' in respect of it, as distinct from a mere 'impending, threatened or expected liability' regardless of whether the loss or outgoing cannot be precisely determined at that time and even though payment of the loss or outgoing may not have yet been made."