During 2021, Stork Associates paid $55,800 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $55 to $165 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event (provided by a local restaurant) at a cost of $3,400. The game was preceded by a bona fide business discussion, and all expenses are adequately substantiated. How much may Stork deduct for this event

Based on the information given if all the expenses are adequately substantiated. The amount that Stork can deduct for this event is $3,350.

Stock deduction

Costs of seats $3,300

($165x20)

Food and beverage $3,400

Total Entertainment expense $6,700

($3,300+$3,400)

Less 50% Limitation

Deduction $3,350

($6,700×.50)

Inconclusion the amount that Stork can deduct for this event is $3,350.

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