Section 274

Not later than october 1 1985 the secretary of the treasury or his delegate shall prescribe regulations to carry out the provisions of this act amending sections 274 280f 3402 6653 and 6695 of this title and enacting provisions set out as notes under sections 274 280f 3402 and 6653 of this.

Section 274. However those expenses may be subject to the 50 percent limit on deductibility under 274 n. The treasury department and the irs. 1954 relating to disallowance of certain entertainment etc expenses shall not apply to expenses paid or incurred by the taxpayer for goods services and facilities to the extent that the expenses are includible in the gross income of a recipient of the.

1 limitation no deduction shall be allowed under section 162 or section 212 for any expense for gifts made directly or indirectly to any individual to the extent that such expense when added to prior expenses of the taxpayer for gifts made to such individual during the same taxable year exceeds 25. Section 5 of pub. Section 274 e enumerates nine specific exceptions to 274 a.

Section 274 e 8 applies to expenses for goods or services that are sold by the taxpayer in a bona fide transaction for adequate and full consideration in money or money s worth. Section 274 e 3 expenses are those paid or incurred by a taxpayer in connection with the performance of services for another person whether or not that other person is the taxpayer s employer under a reimbursement or other expense allowance arrangement with that other person. Section 274 e 9 applies to expenses for goods services and facilities to the extent that the expenses are treated as income to a person other than an employee.

Subsection a of section 274 of the internal revenue code of 1986 formerly i r c.