A bill to amend the Internal Revenue Code of 1954 with respect to the tax treatment of expenses in attending foreign conventions.

Amends the Internal Revenue Code, as amended by the Tax Reform Act of 1976, to prohibit any personal business deduction for expenses allocable to a convention, seminar or other meeting held outside of the North American area unless the taxpayer establishes that the expenses are qualified business expenses and that it was more reasonable for the meeting to be held outside of the North American area than in it.

Provides that the reasonableness of the location of such meetings shall be determined under specified criteria in accordance with regulations prescribed by the Secretary of the Treasury.

Disallows any deduction for conventions held upon any water vessels sailing within or without the territorial waters of the United States.

Applies to such meetings held after December 31, 1977.