Attorney's racing activities fall short of the finish line

A taxpayer participated in auto races for personal enjoyment rather than to advertise his law practice, the Tax Court holds. The Tax Court held that an attorney's race car costs did not constitute deductible advertising expenses. [...]the court noted that even if Avery had raced in relevant mar...

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Bibliographic Details
Published in:Journal of Accountancy 2023-06, Vol.234 (6), p.9-10
Main Authors: McKinley, John, Geiszler, Matthew
Format: Article
Language:English
Subjects:
Advertising
Attorneys
Business expenses
IRS disallowance
Law firms
Personal profiles
State court decisions
Tax court decisions
Tax courts
Online Access:Get full text
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Summary:A taxpayer participated in auto races for personal enjoyment rather than to advertise his law practice, the Tax Court holds. The Tax Court held that an attorney's race car costs did not constitute deductible advertising expenses. [...]the court noted that even if Avery had raced in relevant markets, the decals with his name and law firm were in relatively small print, which it considered to be on the "opposite end of the spectrum from (say) a billboard or newspaper ad."
ISSN:0021-8448
1945-0729