Jim, a self employed individual, takes an important customer to the hockey playoffs Although the face value of a ticket is only $70, he pays a scalper $400 for each ticket Assuming all other requirements are met how much can Jim deduct for the two tickets ...

70 Entertainment tickets are not only subje ...

Jim, a self-employed individual, takes an important customer to the hockey playoffs. Although the face value of

Question:

Jim, a self-employed individual, takes an important customer to the hockey playoffs. Although the of a ticket is only $70, he pays a scalper $400 for each ticket. Assuming all other requirements are met. how much can Jim deduct for the two tickets?
Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...