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Introduction›Part I. Rulings and Decisions Under the Internal Revenue Code of 1986

Section 267.—Losses, Expenses, and Interest With Respect to Transactions Between…

Internal Revenue Bulletin 2004-42 · 2026-10-03 edition · updated 2026-10-04 · United States

26 CFR 1.267(a)–1: Deductions disallowed.

When a payor provides a per diem allowance to an employee who is a related party, the rules set forth for the deemed substantiation to the payor of the amount of the employee’s ordinary and necessary business expenses for lodging, meal, and incidental expenses incurred while traveling away from home do not apply. See Rev. Proc. 2004-60, page 682.

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▸Contents — Internal Revenue Bulletin 2004-42
Internal Revenue Bulletin 2004-42

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