When the Congress enacted the Tax Cuts and Jobs Act (TCJA), it removed the trouble deduction for entertainment, recreation, and amusement. In the lack of final regulations, the Treasury issued Notice 2018-76, to answer many of the questions that arose about the continued deductibility of business meals. The Notice supplies the circumstances that expenses for meals would still be deductible (subject to the 50% expense limitation).
2. The expense is not extravagant or luxurious under the circumstances. 3. The Taxpayer or an employee of the taxpayer exists while the food and drink has been consumed. 4. The food and beverages are provided to current or potential business customers, clients, consultants, or similar business connections. The Notice provides three good examples where it is assumed that the meals and beverage expenditure meet up with the first requirements allowed for the 50% deduction.
Example 1- The taxpayer requires a business contact to an entertainment activity (a football game).The overall game seat tickets are ordered and it is a nondeductible expense individually. The buying of hot dogs and drinks at the overall game is a deductible expense (at the mercy of the 50% limitation), since it individually is purchased. Example 2 and 3- The taxpayer takes a business contact to a basketball game, a nondeductible entertainment activity. When the beverage and food are included with the price tag on the tickets and not shown individually, the trouble is disallowed. When the expense of the beverage and food is mentioned separately, the cost is deductible. Before IRS issues suggested regulations, taxpayers can rely with this Notice for assistance. Remember that substantiation and proper receipts are critical to the allowance of the meal deduction. Additional assistance for foods and beverages supplied to employees on the company’s premises is also expected.
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In such market, money, stocks, debentures, treasury bills, commercial papers, security exchanges, loan giving or taking etc are dealt. Dealing of short-term fund is called money market and dealing of long-term fund is named the capital market. The market of products, that your cultural people buy for intake is called consumer market.
The customers buy consumer goods, luxury goods etc. for daily consumption, or meeting their daily needs from such market. Generally, raw materials, equipment, and machines, machine parts are dealt in the industrial market. Domestic consumer goods are produced using them. On the basis of competition, the market can be classified into monopoly market, perfect market, and imperfect market. When there is full control of the producer over the market, then such market is named monopoly market. In such market, the producer determines the price of his products in his own will.