Entertainment,auto,travel,and gift expenses are subject to strict documentation requirements.Taxpayers are required to keep records that show
I.The business purpose of the event.
II.The time and place of the event.

Question

Entertainment,auto,travel,and gift expenses are subject to strict documentation requirements.Taxpayers are required to keep records that show
I.The business purpose of the event.
II.The time and place of the event.
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Quizplus · Accepted Answer

Both statements are correct as taxpayers must document both the business purpose and the time and place of the event for entertainment, auto, travel, and gift expenses.

Entertainment,auto,travel,and Gift Expenses Are Subject to Strict Documentation Requirements