Exercise 9-17 (LO. 5) In 2021, the CEO of Crimson, Inc., entertains 7 clients at a skybox in Memorial Stadium for a single athletic event during the year. Substantive business discussions occurred at various times during the event. The box cost $2,000 per event and seats 10 people. (The cost of a regular, nonluxury box seat at Memorial ranges from $55 to $100.) Refreshments served during the event cost $700 (the refreshments were obtained from a local restaurant and were separately itemized on the bill Crimson received). How much of these costs may Crimson deduct? $ 350 X Feedback Check My Work Many taxpayers attempt to deduct personal entertainment expenses as business expenses. For this reason, the tax law restricts the deductibility of entertainment expenses