With the nervous affability of a missionary who has stumbled into a cannibal camp. Internal Revenue Commissioner Mortimer M. Caplin sat down with 700 angry businessmen in Washington last week to explore "the T. & E. problem." T. & E.—for travel and entertainment—will be curtailed sharply as an expense-account item after Jan. i under the tax-law revisions passed in the last session of Congress.
Where once "the rule of reasonableness" applied in expense-account audits. Internal Revenue now expects detailed receipts and notations for such business tools as lunches, conventions and country-clubbing. "We do not want to interfere with legitimate...
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