Club Seats

[Deep Purple]

Guys

There is too much confusion over the tax deduction, the rules are:

1 The first $500 is NOT deductible because you receive benefits of equal value i.e. food and seats

2 the balance (however much that is depends upon the seats selected) IS 80% deductible. the 80% rule is an arbitrary rule made by the IRS years ago for people buying suites and club seats and not unique to TCU.

3 you WILL receive a tax deduction certificate from TCU issued by the Frog Club.

4 in the past gifts to athletics have counted towards membership in the Clark Society (donors giving $1000 or more) I presume they still will.


Lynn Ross
Attorney
Board Certified Tax Law Specialist

Got it. Rules for club seats extend beyond rules for regular seating because the much higher pricing contains a surplus amount beyond benefits received, and the surplus is a gift. Makes sense. Thanks.

 

[Deep Purple]

Was Deep wrong? Ooooh man....

Not for the first time, either. :sad:

 

[YA]

Got it. Rules for club seats extend beyond rules for regular seating because the much higher pricing contains a surplus amount beyond benefits received, and the surplus is a gift. Makes sense. Thanks.

Just a FYI---It clearly states on the literature that TCU sent with the big mailer which part of the gift is eligible for tax deduction.

 

[ross]

Not for the first time, either. :sad:

Rarely is Deep wrong, if fact you are one of the most reliable sources on KFC for all things Frog