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PENIRC S 274 Page 2 of 12the taxpayer is clearly and permanently imprinted and which is one of a number of identicalitems distributed generally by the taxpayer, or274(b)(l)(B) a sign, display rack, or other promotional material to be used on the businesspremises of the recipient.274(b)(2) SPECIAL RULES. --274(b)(2)(A) In the case of a gift by a partnership, the limitation contained in paragraph (1)shall apply to the partnership as well as to each member thereof.274(b)(2)(B) For purposes of paragraph (I), a husband and wife shall be treated as onetaxpayer.274(~)CERTAIN FOREIGN TRAVEL. --274(c)(1) IN GENERAL. --In the case of any individual who travels outside the United Statesaway from home in pursuit of a trade or business or in pursuit of an activity described in section 212,no deduction shall be allowed under s Bon 162 or section212 for that portion of the expenses ofsuch travel otherwise allowable under such section which, under regulations prescribed by theSecretary, is not allocable to such trade or business or to such activity.274(c)(2) EXCEPTION. --Paragraph (1) shall not apply to the expenses of any travel outside theUnited States away from home if --274(c)(2)(A) such travel does not exceed one week, or274(c)(2)(B)the portion of the time of travel outside the United States away from home whichis not attributable to the pursuit of the taxpayer's trade or business or an activity described insection 212 is less than 25 percent of the total time on such travel.274(c)(3) DOMESTIC TRAVEL EXCLUDED. --For purposes of this subsection, travel outside theUnited States does not include any travel from one point in the United States to another point in theUnited States.274(d) SUBSTANTIATION REQUIRED. --No deduction or credit shall be allowed --274(d)(1) under section 162 or 212 for any traveling expense (including meals and lodging whileaway from home),274(d)(2) for any item with respect to an activity which is of a type generally considered toconstitute entertainment, amusement, or recreation, or with respect to a facility used in connectionwith such an activity,274(d)(3) for any expense for gifts, or274(d)(4) with respect to any listed property (as defined in section 280F[d)(4)),unless the taxpayer substantiates by adequate records or by sufficient evidence corroborating thetaxpayer's own statement (A) the amount of such expense or other item, (B) the time and place of thetravel, entertainment, amusement, recreation, or use of the facility or property, or the date anddescription of the gift, (C) the business purpose of the expense or other item, and (D) the business
PENIRC S 274 Page 3 of 12relationship to the taxpayer of persons entertained, using the facility or property, or receiving the gift.The Secretary may by regulations provide that some or all of the requirements of the precedingsentence shall not apply in the case of an expense which does not exceed an amount prescribedpursuant to such regulations. This subsection shall not apply to any qualified nonpersonal use vehicle(as defined in subsection (i)).274(e) SPECIFIC EXCEPTIONS TO APPLICATION OF SUBSECTION (a). --Subsection (a) shallnot apply to --274(e)(1) FOOD AND BEVERAGES FOR EMPLOYEES. --Expenses for food and beverages(and facilities used in connection therewith) furnished on the business premises of the taxpayerprimarily for his employees.274(e)(2) EXPENSES TREATED AS COMPENSATION. --274(e)(2)(A) IN GENERAL. --Except as provided in subparagraph (B), expenses for goods,services, and facilities, to the extent that the expenses are treated by the taxpayer, with respect tothe recipient of the entertainment, amusement, or recreation, as compensation to an employeeon the taxpayer's return of tax under this chapter and as wages to such employee for purposes ofchapter 24 (relating to withholding of income tax at source on wages).274(e)(2)(B)SPECIFIED INDIVIDUALS. --274(e)(2)(B)(i)IN GENERAL. --In the case of a recipient who is a specified individual,subparagraph (A) and paragraph (9) shall each be applied by substituting "to the extent thatthe expenses do not exceed the amount of the expenses which" for "to the extent that theexpenses".274(e)(2)(B)(ii)SPECIFIED INDIVIDUAL. --For purposes of clause (i), the term "specifiedindividual" means any individual who --274(e)(2)(B)(ii)(l)is subject to the requirements of section 16(a) of the SecuritiesExchange Act of 1934 with respect to the taxpayer or a related party to the taxpayer, or274(e)(2)(B)(ii)(ll)would be subject to such requirements if the taxpayer (or such relatedparty) were an issuer of equity securities referred to in such section.For purposes of this clause, a person is a related party with respect to another person if suchperson bears a relationship to such other person described in section 267(b) or 707(b).274(e)(3) REIMBURSED EXPENSES. --Expenses paid or incurred by the taxpayer, in connectionwith the performance by him of services for another person (whether or not such other person is hisemployer), under a reimbursement or other expense allowance arrangement with such otherperson, but this paragraph shall apply --274(e)(3)(A)where the services are performed for an employer, only if the employer has nottreated such expenses in the manner provided in paragraph (2), or274(e)(3)(B)where the services are performed for a person other than an employer, only if thetaxpayer accounts (to the extent provided by subsection (d)) to such person.274(e)(4) RECREATIONAL, ETC., EXPENSES FOR EMPLOYEES. --Expenses for recreational,social, or similar activities (including facilities therefor) primarily for the benefit of employees (other
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