Entertainment Expenses Tax Research Memorandum Jennifer Woods Research Paper

Length: 2 pages Subject: Transportation Type: Research Paper Paper: #19465033 Related Topics: Research, Income Tax
Excerpt from Research Paper :

Entertainment Expenses

Tax Research Memorandum

Jennifer Woods

From: Tax Accountant, CPA

Entertainment Expenses

Facts

You are employed by Ski USA, a distributor of ski equipment and boots. You have been a bicycle racer for two years, in which you have participated in about 50 races annually, winning some so there is revenue, and incurring expenses, some being paid by sponsors. The National Bike Racing Association has ranked you in two events, the dual slalom and downhill races.

The issues are 1) whether the racing expenses can be a deduction for adjusted gross income against the winnings from the races...

...

The rule declares that ordinary and necessary entertainment expenses can be deducted if they are to entertain a client, customer, or employee if the expenses meet the directly related test or the associated test. Entertainment includes any activity generally considered to provide entertainment, amusement, or recreation,…

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