A taxpayer takes six clients to an NBA playoff game.If all of the tickets (list price of $120 each) are purchased on the Internet for $1,800 ($300 each), only $60 ($120 × 50% overall limitation) per ticket is deductible.

Question

Quizplus · Accepted Answer

The deductible amount per ticket is based on the actual cost paid, not the list price. Therefore, the deductible amount would be $150 ($300 × 50% overall limitation) per ticket.

A Taxpayer Takes Six Clients to an NBA Playoff Game