GONE FISHING! A FISHING TRIP FOLLOWING A SALES MEETING IS NOT TAX DEDUCTIBLE UNDER SECTION 162: TOWNSEND INDUSTRIES V. UNITED STATES.

Discusses the ruling of a U.S. federal district court on the case Townsend Industries versus United States which held that a company's expenditures for employee fishing trip were subject to employment tax. Facts of cases; Arguments of the tax payer; Analysis on the arguments of the court in its ruling; Implications of the ruling; Ruling of the U.S. Court of Appeals for the Eight Circuit reversing the decision of the federal district court.