Transcription of BUSINESS TRAVEL, ENTERTAINMENT, AND GIFTS
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BUSINESS TRAVEL, ENTERTAINMENT, AND GIFTS
S ection 8. B U S IN ES S travel , EN TERTAIN MEN T, AN D GIF TS. In trod u ction In gen era l, a n S corpora tion ma y dedu ct its ordin a ry a n d n ecessa ry expen ses for bu sin ess t r a vel, en t er t a in m en t , a n d gift s. Tr a vel expen ses in clu de t h e cost of t r a n spor t a t ion , lodgin g, m ea ls, a n d in ciden t a ls su ch a s t eleph on e, la u n dr y, a n d t ips. To cla im t h e dedu ct ion , t h e cor por a t ion m u st m a in t a in det a iled r ecor ds docu m en t in g t h e n a t u r e a n d a m ou n t of t h ese expen ses. Th e dedu ct ion is cla im ed on pa ge 1 of F or m 1120S, lin e 19 a s Ot h er dedu ct ion s.
Section 8 BUSINESS TRAVEL, ENTERTAINMENT, AND GIFTS Introduction In general, an S corporation may deduct its ordinary and necessary expenses for business travel, entertainment, and gifts.
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