Masonry Magazine November 1963 Page. 16
Questions & Answers
(Continued from page 8)
66. Question: Are there any other specific tests which I might apply in determining whether 50 percent test is met?
Answer: Yes. The 50 percent test is satisfied in the case of an automobile if more than 50 percent of mileage driven during the taxable year is for ordinary and necessary business travel. In the case of an airplane the test is satisfied if more than 50 percent of hours flown during the year was for such business travel.
TRAVEL EXPENSES
67. Question: What are the new restrictions on business travel costs where a business trip is combined vacation?
Answer: Under certain circumstances, the rules disallow a deduction for that portion of the expenses of traveling to and from the business destination which are not allocable to business.
68. Question: Are expenses for meals and lodging while traveling to and from business destination included in travel expenses?
Answer: Yes.
69. Question: Do the new rules apply to all business trips which are combined with a vacation?
Answer: No. The new rules do not apply to trips away from home which does not exceed one week, nor do they apply if the trip exceeds one week unless the personal or vacation time amounts to 25 percent or more of the total time on the trip. In addition, if the travel expense qualifies as an ordinary and necessary business expense, none of it will be disallowed (1) if you did not have substantial control over arranging the business trip, or (2) if you did not have the obtaining of a personal vacation as a major consideration in determining to make the trip.
70. Question: Is an employer who reimburses an employee for travel, undertaken on the employer's behalf, affected by the new rules?
Answer: No. The new rules disallow deductions only to the individual who does the traveling and obtains the personal vacation.
Next Month's MASONRY will carry additional Question's & Answers
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AED Survey
If the current upturn in machinery sales continues throughout the calendar year, this year will be the best for the construction equipment industry since 1956.
This is the conclusion drawn from nationwide surveys of equipment manufacturers and distributors by Associated Equipment Distributors, national trade association.
Manufacturer sales at the mid-point were up approximately 10% over 1962's first half, based on an average of 72 firms surveyed. The majority of these companies predict that 1963 total sales will top last year's by about 15%. While seasonal declines may occur during the last half, they will not greatly change the optimistic picture, manufacturers say. The general business climate is good, they report, and the industry is enthusiastic about new products and designs.
Distributors, too, are optimistic about 1963 sales. In a region-by-region survey, dealers reported first-half sales of new equipment were up an average of 15% over last year's similar period, and anticipate that this picture, in general, will hold true for the second half.
Register now for '64 MCA Convention
MASONRY
November,
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