IRCCourt RulingsJul 14, 2005★ strong match
…roving error in
respondent's determination in the notice that petitioner was
subject to the section 274(n)(1) limitation with respect to the per diem amounts that TLC paid to each driver-employee. Thus,
the Court's holding that TLC was subject to that section
274(n)(1) limitation resulted in the Court's sustaining
resp…
IRCCourt RulingsOct 3, 1989★ strong match
…nal activities to petitioner’s permanent staff without running afoul of the restrictions in section 274(e)(5). We so hold. A final note. We hasten to point out that, although we decide as a matter of law that a proper interpretation of section 274(e)(5) does not require in absolute terms that the recreational activitie…
IRCCourt RulingsDec 20, 2001
…acts and circumstances) and sufficient information as to each element of
every business use. Sec. 1.274-5T(c)(2)(i) and (ii), Temporary
Income Tax Regs., 50 Fed. Reg. 46017 (Nov. 6, 1985).
As pertinent here, section 1.274-5T(c)(3)(ii), Temporary
Income Tax Regs., 50 Fed. Reg. 46021 (Nov. 6, 1985), entitled
“Sampling”, …
IRCCourt RulingsMay 19, 2011
…. (Vol. 1) 521, 583; S. Repti 951263, at 174-175 (1978), 1978-3 C.B. (Vol. 1) 315, 472-473.
Section 274(d) requires the taxpayer to substantiate by adequate records or by sufficient evidence corroborating the
- 56 -
taxpayer's own statement any item with respect to an activity
which is of a type generally considered to…
IRCCourt RulingsMar 11, 2020★ strong match
Sec. 1.274-5T(b)(6), (c)(1), Temporary Income Tax Regs., 50 Fed. Reg.
- 11 -
46016-46017 (Nov. 6, 1985). Section 1.274-5T(c)(2), Temporary Income Tax Regs., 50 Fed. Reg. 46017-46018 (Nov. 6, 1985), provides in relevant part that
"adequate records" generally consist of an account book, a diary, a log, a
statement of ex…
IRCCourt RulingsDec 2, 2010
…t specific
substantiation requirements to be allowed a deduction under
section 162. See, e.g., sec. 274(d). The heightened substantiation requirements of section 274(d) apply to: (1) Any
traveling expense, including meals and lodging away from home;
(2) any item with respect to an activity in thes nature of
entertainme…
U.S. Tax Court — Marlon G. Dasent & Kendra Walcott-Dasent v. Commissioner IRCCourt RulingsDec 13, 2018
…ver, is superseded--that is, estimates are not
permitted--for certain expenses specified in section 274; to wit, traveling expenses
(including meals and lodging while away from home), entertainment expenses,
gifts, and "listed property" (including passenger vehicle) expenses.8 Secs. 274(d),
280F(d)(4)(A)(i); sec. 1.274…
IRCCourt RulingsApr 26, 2012
…f such expenditure, (2) time and place of the
travel, and (3) business purpose of the expense. Sec. 274(d); sec. 1.274-5T(a) and
(b), Temporary Income Tax Regs., 50 Fed. Reg. 46014 (Nov. 6, 1985).
To satisfy the adequate records requirement of section 274(d), the taxpayer
shall maintain an account book, a diary, a log,…
T.D. 9275 — Final regulations under section 410 of the Code implement a statutory directive of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) to am… IRCTreasury DecisionsAug 28, 2006related by meaning
INCOME TAX
Rev. Rul. 2006-41 Rev. Rul. 2006-41
LIFO; price indexes; department stores. The June 2006 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with referenc…
IRCCourt RulingsAug 6, 1991related by meaning
f the matter is that the payment in question should be taxable to petitioner under section 72(e). Accordingly, we sustain respondent’s determination.6 In order to take into account what appear to be mechanical errors in respondent’s calculations and to afford the parties a further opportunity to resolve the question of…
IRCCourt RulingsJan 17, 2024related by meaning
Title 26 U.S.C. (Code) , in effect at all relevant times, and Rule references are to
the Tax Court Rules of Practice and Procedure .
Served 01/17/24
2 [* 2 ] deficiencies under section 4973 in th e aggregate amount of
$8,476,705 . The notices also determined additions to tax under section
6651(a)(1) and (2) and accurac…
T.D. 9932 — Section 162(m)(1) of the Internal Revenue Code generally limits to $1,000,000 the allowable deduction for a taxable year for applicable employee remuneration p… IRCTreasury DecisionsJan 19, 2021
…(Also Part I, §163(j).)
T.D. 9939, page 376.
These final regulations provide guidance under section 274 of the Internal Revenue Code (Code) regarding certain amendments made to section 274 by the Tax Cuts and Jobs Act of 2017 (TCJA). These final regulations address the elimination of the deduction under section 274 for…
IRCCourt RulingsJul 25, 1984related by meaning
cated, and all Rule references are to the Tax Court Rules of Practice and Procedure.
See Tipton & Kalmbach, Inc. v. Commissioner, T.C. Memo. 1982-260. We note, however, that Congress in enacting ERISA appears to have adopted the facts and circumstances test of sec. 1.401-6(b)(2), Income Tax Regs., for determining wheth…
IRCCourt RulingsSep 2, 2021
…he business
relationship of the taxpayer to the persons entertained or using the property. See
sec. 274(d). With respect to the use of listed property, the taxpayer m ust establish
the am ount of business use and the am ount of total use. Sec. 1.274-5T(b)(6)(i),
Tem porary Incom e Tax Regs., 50 Fed. Reg. 46016 (Nov. 6,…
IRCCourt RulingsJun 1, 1987related by meaning
transaction on the first day of each taxable year or portion of a taxable year within the taxable period until corrected on May 10, 1982, was proper. Based on our determinations herein,
Decision will be entered for the respondent.
Unless otherwise indicated, all section references are to the Internal Revenue Code of 1…
T.C. Memo. 1999-80 — Edward Clasby and C. T. Garrahan Insurance Agency, Inc. v. Commissioner IRCCourt RulingsMar 16, 1999related by meaning
ions to tax under section
6651(a)(2) and that the addition to tax under section 6651(a)(1)
for 1993 is not larger than $7,959. We sustain respondent's determination that petitioners are liable for additions to tax
under section 6651(a)(1), except as conceded by respondent.
Decision will be entered
under Rule 155
.
IRCCourt RulingsJan 9, 1985related by meaning
section 4975 as follows:
(c) Effective Date and Savings Provisions.—
(1)(A) The amendments made by this section shall take effect on January 1, 1975. (B) If, before the amendments made by this section take effect, an organization described in section 401(a) of the internal Revenue Code of 1954 is denied exemption unde…
IRCCourt RulingsApr 16, 2020
…axpayer whose inexactitude is of
his own making. See Cohan v. Commissioner, 39 F.2d at 544.
Section 274(d) imposes strict substantiation requirements for travel,
entertainment, gift, and listed property (including passenger automobiles)
expenses. Sanford v. Commissioner, 50 T.C. 823, 827 (1968), aff'd per curiam,
412 F…
IRCCourt RulingsSep 13, 2004
1.6001-1(a), (e), Income Tax Regs.
With respect to certain business expenses specified in
section 274(d), however, more stringent substantiation
- 9 - requirements apply. Section 274(d) disallows deductions for
traveling expenses, gifts, and meals and entertainment, as well
as for listed property, unless the taxpayer s…
IRCCourt RulingsSep 26, 2001related by meaning
effect, rewrite
the statute to achieve what seems to be a more equitable result.
See Eanes v. Commissioner
, supra
at 171. “Whether and to what
- 6 - extent deductions shall be allowed depends upon legislative
grace; and only as there is clear provision therefor can any
particular deduction be allowed.” New Colonial Ic…