Reference no: EM132932129
Question - Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2020. Gross receipts were $300,000. The following expenses were incurred and paid as indicated:
Expense Payment Date
Rental of coliseum $25,000 December 21, 2020
Cost of goods sold:
Food $30,000 December 30, 2020
Souvenirs $ 60,000 December 30, 2020
Performers $100,000 January 5, 2021
Cleaning of coliseum $10,000 February 1, 2021
Because the coliseum was not scheduled to be used again until January 15, the company with which Duck had contracted did not perform the cleanup until January 8-10, 2021.
Using the present value tables in Appendix H, what is the true cost to Duck if it had to defer the $100,000 deduction for the performers until 2021? Assume a 5% discount rate and a 21% marginal tax rate in 2020 and 2021.
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