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 winnings.

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Rule

As explained in IRS Publication 463, Revenue Rule 2003-106 says that ordinary and necessary expenses to entertain a client, customer, or employee can be deducted if expenses meet the directly related test or the associated test.

Analysis

The ruling that was found was the Revenue Rule, which pertains to business entertainment and travel expenses. 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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"Entertainment Expenses Tax Research Memorandum Jennifer Woods" (2012, July 27) Retrieved July 4, 2025, from
https://www.aceyourpaper.com/essays/entertainment-expenses-tax-research-memorandum-109908

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"Entertainment Expenses Tax Research Memorandum Jennifer Woods" 27 July 2012. Web.4 July. 2025. <
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Latest Chicago Format (16th edition)

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"Entertainment Expenses Tax Research Memorandum Jennifer Woods", 27 July 2012, Accessed.4 July. 2025,
https://www.aceyourpaper.com/essays/entertainment-expenses-tax-research-memorandum-109908
   

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