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Essay / Research Paper Abstract
A 3 page review of the IRS's definition of "Bona fide business expense". This paper examines a fictional scenario utilizing previous case law. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: AM2_PPtaxLaw.rtf
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Unformatted sample text from the term paper:
Laws regarding what business expenses can be deducted from Federal Income Taxes come under frequent
challenge. This is not surprising given the complexity of these laws and the diversity of possible interpretations. What constitutes bona fide travel expenses is a particularly complex issue.
It is an issue, however, that has been explored many times previously in the appeals process. Given the scenario of
a truck driver whose eight hour route typically leaves him some five hours away from his home on a daily basis, the topic of what constitutes travel expenses is an
obvious concern. This truck drivers employer gives him the option of staying the night at the end of each route and returning home the next day. Sometimes he
takes that option, sleeping either in the cab of his truck or renting a motel room. Other times, however, the truck driver elects to drive all of the way
back home. Either way, the employer does not reimburse the truck driver for any of his meals on the road. Nor does the employer reimburse the truck driver
for his lodging expenses. In the 2005 tax year the truck driver claimed $1,000 for meals he incurred in the nonstop trips out of town, $600 for meals he
incurred in his overnights in the truck cab, and $2,300 for the lodging expenses he incurred when he elected to rent a motel room. The IRS promptly disallowed his
claim contending that these expenses were in actuality personal expenses. Sec 162(a)(2) and Reg. Sec. 1.162-2(a) of the federal tax code provide the
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