lol… haha. Per Wiley search & 26 U.S. Code § 274 – Disallowance of certain entertainment, etc., expenses
1) I am not sure; I do not think so.
No deduction is allowed for dues paid to country clubs, golf and athletic clubs, airline clubs, hotel clubs, and
luncheon clubs. Dues are generally deductible if paid to professional organizations (accounting, medical,
and legal associations), business leagues, trade associations, chambers of commerce, boards of trade, and
civic and public service organizations (Kiwanis, Lions, Elks).
2) Not sure.
3) & 4) probably deductible? I guess it depends on the purpose of the meeting.
IRC: With respect to an activity which is of a type generally considered to constitute entertainment, amusement, or recreation, unless the taxpayer establishes that the item was directly related to, or, in the case of an item directly preceding or following a substantial and bona fide business discussion (including business meetings at a convention or otherwise), that such item was associated with, the active conduct of the taxpayer’s trade or business, or
5) I think it is deductible?
IRC: n) Only 50 percent of meal and entertainment expenses allowed as deduction
(1) In generalThe amount allowable as a deduction under this chapter for—
(A) any expense for food or beverages, and
(B) any item with respect to an activity which is of a type generally considered to constitute entertainment, amusement, or recreation, or with respect to a facility used in connection with such activity,
6) – half of normal ticket (non-luxury)
Wiley: The cost to lease a skybox is disallowed as an entertainment expense to the extent that the amount paid exceeds the cost
of the highest-priced non-luxury box seat tickets multiplied by the number of seats in the skybox. Since the item indicates that
the cost of regular seats would have been one half the amount paid, only 50% of the cost of the skybox would qualify as an
entertainment expense. Of this amount only 50% would be deductible.
IRC: In the case of a skybox or other private luxury box leased for more than 1 event, the amount allowable as a deduction under this chapter with respect to such events shall not exceed the sum of the face value of non-luxury box seat tickets for the seats in such box covered by the lease. For purposes of the preceding sentence, 2 or more related leases shall be treated as 1 lease.
7) – I do not think so
Wiley: Business meals and entertainment must be directly related or associated with the active conduct of a trade or
business to be deductible. The taxpayer or a representative must be present to satisfy this requirement. As birthday party is not categorized as such, even if client was there I do not think partial deduction would be allowed.
Materials: Wiley book + Ninja MCQ
FAR - 83 (Jan 2016)
Study time: 6 weeks
BEC - 87 (April 2016)
Study time: 2 weeks
AUD - 92 (July 2016), (74 Feb 2016), (72 May 2016)
Study time: 4 (Feb) + 2 (May) + 3 (July) = 9 weeks total
REG - (70 April 2016)
Study time: 3 weeks
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