Travel and Entertainment Expenditures: Hearing..., 88-1..., Feb. 28, 19631963 - 87 էջ |
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active conduct allowed amount Answer bona fide business business entertainment business meal exception business meeting business purpose business relationship businessmen CAPLIN CHAIRMAN circumstances Cohan Commissioner committee report Congress convention cost country club court December 27 deductible diary dinner disallowed effect employees entertainment expenses expenditure expense account February February 20 fide business discussion following a substantial gift goodwill entertaining HEISDORF hotel and restaurant Hotel Association industry intent Internal Revenue Service January Kimberly Clark layoffs lunch ment NAIA necessary business expense ordinary and necessary percent persons entertained petitioner preceding or following president prior law question receipt recordkeeping regu Restaurant Association RIBICOFF rules Sardi's section 274 Senator BENNETT Senator MCCARTHY Senator MORTON Senator SMATHERS situation statement statute substantial and bona substantiation regulations tainment taxicab taxpayer tickets tion trade or business travel and entertainment Treasury trip U.S. Senate Wall Street Journal Washington week wife wives X Corp
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Էջ 51 - SEC. 23. DEDUCTIONS FROM GROSS INCOME. In computing net income there shall be allowed as deductions: (a) EXPENSES. — • (1) TRADE OR BUSINESS EXPENSES. — (A) In General.— All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including...
Էջ 82 - For any expense for gifts, unless the taxpayer substantiates by adequate records or by sufficient evidence corroborating his own statement (A) the amount of such expense or other item, (B) the time and place of the travel, entertainment, amusement, recreation, or use of the facility, or...
Էջ 53 - In section 214(6X1), the nature of any business discussion or activity; (v) Business relationship. Occupation or other Information relating to the person or persons entertained, Including name, title, or other designation, sufficient to establish business relationship to the taxpayer.
Էջ 82 - ... (3) for any expense for gifts, unless the taxpayer substantiates by adequate records or by sufficient evidence corroborating his own statement (A) the amount of such expense or other Item, (B) the time and place of the travel, entertainment, amusement, recreation, or use of the facility, or the date and description of the gift, (C) the business purpose of the expense or other item, and (D) the business relationship to the taxpayer of persons entertained, using the facility, or receiving the gift.
Էջ 51 - Expenses. — (A) In General, — All the ordinary and necessary expenses paid or Incurred during the taxable year In carrying 9n any trade or business. Including a reasonable allowance for salaries or other compensation for personal services actually rendered; traveling expenses (Including the entire amount expended for meals and lodging) while away from home...
Էջ 3 - For any item with respect to an activity which is of a type generally considered to constitute entertainment, amusement, or recreation...
Էջ 82 - Generally, entertainment of a clear business nature occurring under circumstances where there is no meaningful personal or social relationship between the taxpayer and the persons entertained will be considered "directly related.
Էջ 1 - Mr. Colin F. Stam, chief of staff of the Joint Committee on Internal Revenue Taxation, and in part they go beyond the scope of the items listed by Mr.
Էջ 66 - ... subparagraph (2) of this paragraph. If such element is either the business relationship to the taxpayer of persons entertained or the business purpose of an expenditure, the corroborative evidence may be circumstantial evidence. (4) Substantiation in exceptional circumstances. If a taxpayer establishes that, by reason of the inherent nature of the situation in which an expenditure was made— (i) He was unable to obtain evidence with respect to an element of the expenditure which conforms fully...
Էջ 78 - ... or business, will generally be considered not directly related to the active conduct of the taxpayer's trade or business, if the entertainment occurred under circumstances where there was little or no possibility of engaging in the active conduct of trade or business. The following circumstances...