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What amount is deductible by Torpedo

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Question - Torpedo Corporation purchases 9 tickets to the Super Bowl in February 2017 for entertaining its customers. Due to unusually high demand, the tickets have to be purchased from scalpers for $11,250 left parenthesis (9 x $1,250). The face value of the tickets is only $1,800 left (9 x $200). What amount is deductible by Torpedo in 2017? How would your answer change if the tickets were purchased in 2018 rather than 2017?

Reference no: EM132594137

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