Salesmen and executives who have traveled the expense account road to the good life were tripped up last week. A U.S. tax-court decision held that a businessman may deduct the price of his own meal, while entertaining, only to the extent that it is higher than what he usually pays. Said the court: "When a taxpayer in the course of supplying food or entertainment . . . includes an amount attributable to himself or his family . . . the costs . . . are ordinarily and by their very nature personal expenditures forbidden...
To continue reading:
or
Log-In
