Duck an accrual basis corporation sponsored a rock concert on
Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2014. Gross receipts were $300,000. The following expenses were incurred and paid as indicated:
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, 2015.
Calculate Duck’s net income from the concert for tax purposes for 2014.
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