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Expense Account Rules Repeal Attempt Fails
The Senate Finance Committee rejected Sen Russell Longs bid to repeal most of the 1962 tax revision expense deduction rules. The measure would have dropped the direct business relation test for deductions and the 25 gift limit, while altering travel allocation rules tax revenue estimated at 100 million was kept.
MENTIONED IN THIS ARTICLE
Washingtonsa
Senate Finance Committee
Congress
Russell B. Long
D-La