The Internal Revenue Service has updated the list of areas included as being within the "North American area," referred to in Section 274(h) of the Internal Revenue Code.The section of the tax code limits deductions for expenses incurred in connection with a convention, seminar, or similar meeting held outside the “North American area.” In a recent revenue ruling, the agency updated the list of all geographical areas currently included in the North American area for purposes of the section.
In releasing the updated ruling, the IRS said that Saint Lucia will not be included as part of the North American area with respect to conventions that begin after April 4, 2007 -- except with respect to expenses for which a taxpayer demonstrates a nonrefundable contractual obligation existing as of April 4.
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