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

Answers

Answer 1

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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