Expenses for private jet service

May 5, 2020

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Q. Is there a regulation or policy on senior executives flying private jet service to business meetings related to possible new business ventures? For example, due to the COVID pandemic, three senior executives flew on a private jet to meet with potential business partner related to a possible acquisition. Is there a cap on the amount that can be spent on these types of luxurious business expenses? A. (Answered by our tax advisor) Regulations section 1.274-2(b)(1)(iii)(c) (within the area of…

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