Asked Sep 16, 2019

Rul. 60-314

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



Expert Answer

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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...

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