Treasury Regulation 1.274-5 allows for a deduction without complete documentation if you can show that you have ‘substantially complied’ with adequate adequate record keeping requirements. This statute is code for … be nice to your examiner. Basically the practice of disallowing amounts claimed because there is no documentary evidence available to establish precise amounts beyond a…Details
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Read about some of John’s more memorable experiences navigating the conflicting sections of the Internal Revenue Code.