Exercise 9-18 (LO. 5) In 2020, the CEO of Crimson, Inc., entertains 7 dients 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 $5 to $100.) Refreshments served during the event cost $700 (and were separately itemized on the bill Crimson received) How much of these costs may Crimson deduct? Many taxpayers attempt to deduct personal entertainment expenses as business expenses. For this reason, the tax law restricts the deductibility of entertainment expenses