|Example) Part A: Section 162(a)(2) Deduction of travel expenses based on the reason of travel depending if it is for trade or business purposes. Under Sec 162(a)(2) traveling expenses incurred during the taxable year on any trade or business are deductible, including amounts for meals and lodging other than amounts that are lavish or extravagant under the circumstances. Section 274(m)(3)(B)? Limiting factor of not deducting travel expenses of spouse, dependent, or other unless it was for bona fide business purposes. Part B: Myrtle took a business trip and under Section 162(a)(2) the expenses are deductible. The deduction does have a limitation. Some of Myrtle’s expenses are lavish and the amount she can deduct does not include the cost above a prudent expense. Under Section 274(m)(3)(B) does not allow Myrtle to deduct the travel expenses of Amanda. Although Amanda provided a powerpoint, she could have provided the same powerpoint from home. Thus Amanda does not have a bona fide business purpose during the trip.|
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