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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (70881)	1/5/2000 12:40:00 PM
From: Michael M	Read Replies (2) \| Respond to of 108807

Lizzie, in one sense, the seats you describe are priceless as they are unavailable for sale on a game by game basis. The "corporates" would be horrified if just anybody could buy one of the seats in their box at any price. Rather than sell them, the corporation retains control at the original value. The ONLY basis for comparison shopping is what was paid in advance for the season ticket. Another twist -- If a man steals something worth 1K and then sells the item for $20, what basis will the court use in punishing the thief? M

To: Lizzie Tudor who wrote (70881)	1/5/2000 12:44:00 PM
From: Bill	Respond to of 108807

Doesn't the IRS maintain detailed guidelines on valuation methods for these things?

To: Lizzie Tudor who wrote (70881)	1/5/2000 12:53:00 PM
From: MulhollandDrive	Respond to of 108807

It's simply fair market value, whatever that is. But Michael is correct in his basic point about corporate welfare. Corporations can write off "gifts" to potential clients as "promotion" or "advertising" and take a full deduction for the amount paid. Technically you can "gift" someone up to $10K without the recipient reporting it as income, but if it is properly documented as a "gift" then it would NOT be deductible to the corporation. They get around this by reclassifying "gifts" as promotion or advertising thus violating the letter and spirit of the law. bp