Gary L. Larson, a manufacturer’s representative for several major vendors, traveled throughout Wisconsin, Minnesota, North Dakota, South Dakota, and Iowa. He wanted to deduct his vehicles, using the IRS standard mileage rate. What records did he need?

Section 274(d) disallows vehicle deductions in total (that’s right—to zero) if the taxpayer fails to satisfy strict substantiation requirements, including maintenance of a record that shows:

time and place of the vehicle’s use, and

business purpose of that use.

Section 274 does not require a ... Log in to view full article.