Posted by Pamela at spider-to053.proxy.aol.com on October 19, 1999 at 19:24:14:
In Reply to: Seriously... posted by PHlooG on October 19, 1999 at 12:44:43:
: : Because I'm a greedy little girl, I was wondering if the Dogma tickets are tax deductible -as they are for charity and all.
: I'm not sure how it works in your island republic, but I believe that for the most part status as a tax deduction is endangered as soon as you receive something in return.
Not entirely so. You can't deduct the fair market value of the item, but you generally can deduct anyhting over that. For example: the price of a movie ticket is $8.50. That portion of the 30 isn't deductible.
As there may be other items given as part of the fest, it's impossible to tell what will be deductible. No offense to Kevin and crew (and, boy, after the last few days on this Board, I cringe even typing those words), but if its something like a T-shirt or mousepad, arguably, those are of diminimus value and are really more of a give away. Therefore (as in the case of the tote bag), that wouldn't impact on the deduction issue, and you should still be able to argue the value of the deduction to $21.50.
: The pre-screener tickets, and any swag they choose to lay on us, would be worth FAR more than the meager sum being charged, so it would be hard to justify it as a donation by YOU, while VA is making a major contribution with little return
Actually, this may not be correct. FMV on those items, as described above, would probably be $8.50 (again, sorry, guys and gals, no offense intended), so arguably, 21.50 should be deductible.
This is especially so, since the event was promoted as a benefit for a particular charitable organization.
However, VA's ability to deduct the event is somewhat more questionable. They promoted it as a chartiable fund raising event, and are passing along funds collected for that purpose. It appears as though they may not be giving income to the organization, but acting merely (once again, no offense intended) as a pass through.
Anyway kids, that's just my initial opinion. Now for the really fun part:
The above discussion is not intended to create, and does not create, an attorney-client relationship (indeed, since I don't know any of your real names or faces, this should be obvious, but...). None of the information given has been researched, nor am I suggesting that it is indeed correct. It is not intended to influence your decisions, nor provide advice, nor suggest a course of action. Consult your own attorney an/or accountant before taking this, or any other action, especially those concerning the IRS.
In other words, kiddos, don't rely on the above, no how, no way!
Pamela (Bad lawyer, for even discussing legal ramifications in a public forum, and perhaps sounding like I'm giving advice. Cover that ass quickly, girl!)
Equivocations are us! (it's a professional hazard)