Cohan rule
A federal court decision which allows taxpayers in certain situations to approximate expenses for tax deduction purposes when their records are missing. It cannot be used for travel and entertainment business expenses.
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.

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  • Cohan Rule — Taxpayer is required to substantiate by accurate records or by sufficient evidence his claim for deduction for travel, entertainment and business gifts. I.R.C. No. 274(d) (1962 Act); Cohan v. Commissioner, C.C. A.N.Y., 39 F.2d 540. Where part of… …   Black's law dictionary

  • Cohan Rule — Taxpayer is required to substantiate by accurate records or by sufficient evidence his claim for deduction for travel, entertainment and business gifts. I.R.C. No. 274(d) (1962 Act); Cohan v. Commissioner, C.C. A.N.Y., 39 F.2d 540. Where part of… …   Black's law dictionary

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