Entertainment Expenses Tax Research Memorandum Jennifer Woods Research Paper

Related Topics:

Entertainment Expenses Tax Research Memorandum

Jennifer Woods

From: Tax Accountant, CPA

Entertainment Expenses


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…

Cite this Document:

"Entertainment Expenses Tax Research Memorandum Jennifer Woods" (2012, July 27) Retrieved April 14, 2024, from

"Entertainment Expenses Tax Research Memorandum Jennifer Woods" 27 July 2012. Web.14 April. 2024. <

"Entertainment Expenses Tax Research Memorandum Jennifer Woods", 27 July 2012, Accessed.14 April. 2024,

Related Documents

Entertainment Industry Report a: Entertainment Industry Structure and Relationships. The entertainment industry in general is a complicated and often violent beast. It crushes most of the hopes and dreams it cultivates. For the handful of successful industry employees today, thousands, or even millions, have shattered dreams. At the same time, the structure of the industry is such that often even those with some success do not always achieve this long-term. This is

Entertainment Economy

Entertainment Economy Michael J. Wolf's book, The Entertainment Economy: How Mega-Media Forces are Transforming Our Lives, was published six years ago but nevertheless offers timely insights into how the forces of American corporate entertainment are shaping our culture. Main Points The author points to the end of huge military spending at the conclusion of the Cold War, but those military-related industries were replaced by entertainment revenue for those cities. The author also mentions

While royalties are discounted, an earning party may qualify for increases as well. Substantial record sales provides artists with an increase in the royalty rate based on specific plateaus of record sales, such as Recording Industry Association of America (R.I.A.A.) certification for gold and/or platinum sales. Even if a contract does not spell out for these increases, it may be possible to renegotiate if the sales are significant. Negotiating a

Entertainment Violence

Entertainment Violence In recent years, politicians and citizen groups have criticized the entertainment industry for its violent content, claiming that it is responsible for violence in society. However, many claim that this consensus is overblown and unfounded by substantial research. There is considerable sociological and statistical data that suggests that violence begets violence and the root factor in the United States has been war, a continuous experience in one zone or another

Entertainment Poll In a recent poll teens between the ages of 12 to 17 who were polled. In the poll 69% said that they believed it was legal to copy a CD from a friend who had purchased the original. Only 21% said that it was legal to copy such a CD if the friend got the music for free. 58% felt it was legal to copy the friend's purchased videotape

' Entertainment can also provide additional clarity to understanding a serious issue. For example, a 'man (or woman)-on-the-street' interview can poignantly highlight the seriousness of the credit crisis in a way that lists of facts and figures cannot. Graphics, compelling photographs, and narrative pieces of reporting can make the higher-level concepts behind a news story more memorable, while a technically 'serious' news story might make little impression and thus do