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Assuming that all other deductibility requirements are met

Question - Nicholas wanted to take an important customer to a hockey game. Although the face value of a ticket was only $50, the only way he could get tickets was by paying a scalper $160 for each ticket. Assuming that all other deductibility requirements are met, how much will Nicholas be able to deduct for each ticket?

1. $0

2. $25

3. $50

4. $80

5. $160

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Accounting Basics: Assuming that all other deductibility requirements are met

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Accounting Basics: Assuming that all other deductibility requirements are met

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