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Problem - Critical Thinking Duck, an accrual basis corporation, sponsored a rock concert on December 29, 2019. Gross receipts were $300,000. The following expenses were incurred and paid as indicated:
Expense
Payment Date
Rental of coliseum
$ 25,000
December 21, 2019
Cost of goods sold:
Food
30,000
December 30, 2019
Souvenirs
60,000
Performers
100,000
January 5, 2020
Cleaning of coliseum
10,000
February 1, 2020
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, 2020.
Required -
a. Calculate Duck's net income from the concert for tax purposes for 2019.
b. Using the present value tables in Appendix G, what is the true cost to Duck if it had to defer the $100,000 deduction for the performers until 2020? Assume a 5% discount rate and a 21% marginal tax rate in 2019 and 2020.
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