Entertainment Expenses Tax Research Memorandum Jennifer Woods Research Paper

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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 from races and the sponsorship money received and, if so, 2) how much can be deducted for AGI against the racing...

...

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, and includes meals provided to a customer or client. An ordinary…

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