Question
Asked Sep 16, 2019
12 views

Rul. 60-314

    1. What is the tax issue addressed by the IRS?
    2. What code section is being addressed in this revenue ruling?

Thanks!

check_circle

Expert Answer

star
star
star
star
star
1 Rating
Step 1

1. IRS or internal revenue service addresses the tax issue related to one of business expense component namely per diem in Rul.60-314.

In business scenario, many a times employees have to travel for official purpose. During such trips, they incur cost related to lodging, meals commuting or other incidental expenses etc. This revenue rule provides model for dealing with such expenses to be deemed substantiated if the employer provides re-imbursement for such expenses or provide any expense allowa...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Taxation

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: How do i close  expense accounts while getting ready to prepare financial statements?

A: Closing entries: Closing entries are recorded in order to close the temporary accounts such as incom...

question_answer

Q: E 16-13 Partnership income allocation—Salary allowance, bonus, and additional contributions during t...

A: 1.Income allocation schedule is prepared using MS Excel as follows:The results of the formulas used ...

question_answer

Q: Partially completed budget performance reports for Garland Company, a manufacturer of light duty mot...

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business. ...

question_answer

Q: What is a bank account?

A: The  bank account means a financial account which is maintained by a bank on behalf of its customers...

question_answer

Q: Journal entry worksheet < 3 4 Record the cost of the sale, $17,400. Note: Enter debits before credit...

A: Recording the cost of sales increases the expense. Thus, the increase in cost of sales should be rec...

question_answer

Q: Future Value of an Annuity Find the future value of the following annuities. The first payment in th...

A: Computation of Future Value in case of ordinary annuities method:

question_answer

Q: FlewcuT e 2 Quiz Saved Identify the item below that would cause the trial balance to not balance? 23...

A: The trial balance is a statement prepared which contains the list and balances of all accounts shown...

question_answer

Q: Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 4,900 ounces ...

A: In a production process, direct materials are added at the beginning of production and they are comp...

question_answer

Q: Ch. 2 Quiz Larry Bar opened a frame shop and completed these transactions: 21 1. Larry started the s...

A: Step 1: Cash balance is calculated as follows: