Business Services Industry
College athletic booster clubs.
Kiplinger Tax Letter, The, July, 1999
College athletic booster clubs win a tax battle with the gov't.
Dispute involves skybox deals for contributors who get free use of a skybox at a school's stadium or arena in exchange for a big donation.
At first, IRS said only a small part of such gifts is deductible. It was allowing donors to deduct only the excess of the amount contributed over the value of the right to use the skyboxes for the term of the lease.
Donors now can deduct 80% of their payments to the booster club. Are treated as gifts that give contributors the right to buy game tickets. IRS changed its view after heavy lobbying from college athletic groups.
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