Food and beverage deduction.
| Jurisdiction | United States |
| Date | 01 October 2000 |
| Author | Laffie, Lesli S. |
In IRS Letter Ruling (TAM) 200030001, a brokerage firm provided meals, snacks and cocktails to its independent contractor representatives at its national and regional sales and education conferences and "top producers" conference. The IRS held that the firm's deduction of such expenses was subject to 50% disallowance under Sec. 274(n)(1).
According to the ruling, the taxpayer knew the identity of each representative attending the conferences and the aggregate cost of food and beverages...
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