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Whale Corporation purchases 15 tickets to the Super Bowl in February 2016 for entertaining its customers. Due to unusually high demand, the tickets have to
Whale Corporation purchases 15 tickets to the Super Bowl in February 2016 for entertaining its customers. Due to unusually high demand, the tickets have to be purchased from scalpers for $21, 750 (15 x $1, 450). The face value of the tickets is only $3,000 (15 x $200). What amount Is deductible by Whale in 2016? Whale may deduct $ ___________ in 2016
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