- 9 - automobiles), (2) the time and place of the expenditure or use, (3) the business purpose of the expenditure or use, and (4) the business relationship to the taxpayer of each expenditure or use. "Listed property" includes any passenger automobile and "any other property used as a means of transportation". Sec. 280F(d)(4)(A)(i) and (ii). Generally, a passenger automobile is any four-wheeled vehicle made for use on public roads, weighing less than 6,000 pounds.3 Sec. 280F(d)(5)(A). Property used as a "means of transportation" includes trucks and any other vehicle for transporting persons or goods. Sec. 1.280F-6T(b)(2), Temporary Income Tax Regs., 49 Fed. Reg. 42713 (Oct. 24, 1984). Because both petitioners' Lincoln and their pickup truck fall within the definition of listed property, expenses for the use of both must meet the substantiation requirements of section 274(d)(4). To meet the adequate records requirements of section 274(d), a taxpayer must maintain some form of records and documentary evidence that in combination are sufficient to establish each element of an expenditure or use. Sec. 1.274-5T(c)(2), Temporary Income Tax Regs., 50 Fed. Reg. 46016 (Nov. 6, 1985). Section 1.274(d)-1, Income Tax Regs., in part, grants to the Commissioner authority to prescribe rules for mileage allowances for ordinary 3Certain special use vehicles are excluded. Sec. 280F(d)(5)(B).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011