- 6 - requirements for listed property as defined in section 280F(d)(4), gifts, travel, entertainment, and meal expenses. Sec. 1.274-5T(a), Temporary Income Tax Regs., 50 Fed. Reg. 46014 (Nov. 6, 1985). To obtain a deduction for a listed property, travel, meal, or entertainment expense, a taxpayer must substantiate by adequate records or sufficient evidence to corroborate the taxpayer’s own testimony the amount of the expense, the time and place of the use, the business purpose of the use and, in the case of entertainment, the business relationship to the taxpayer of each person entertained. Sec. 274(d); sec. 1.274-5T(b), Temporary Income Tax Regs., 50 Fed. Reg. 46014 (Nov. 6, 1985). Section 274 requires that expenses be recorded at or near the time when the expense is incurred. Sec. 1.274-5T(c)(1), Temporary Income Tax Regs., 50 Fed. Reg. 46016 (Nov. 6, 1985). Listed property includes passenger automobiles. Sec. 280F(d)(4)(A)(i). Petitioner presented very few documents to support the claimed business expense deductions. Petitioner asserted that he provided documents to the examining IRS agent, and that said individual failed to return the substantiation presented. Respondent disputed this assertion, and respondent’s administrative file reflected that all substantiating documents were returned to petitioners. We are inclined to agree with respondent’s version of these events. The remarks inPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011