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What are the tax benefits of leasing club seats or suites?

April 26, 2017Benefits club leasing seats suites tax

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What are the tax benefits of leasing club seats or suites?

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There are substantial tax benefits associated with leasing luxury seating. The annual financial commitment to lease these opportunities contains both a taxable portion (for the cost of goods and services provided, such as game tickets, parking, catering, etc.) and a tax-deductible charitable gift. According to IRS regulations, after the taxable portion is subtracted from each annual commitment, 80 percent of the remaining portion is a tax-deductible charitable gift. The value of goods/services received will be calculated annually and provided by the University of Illinois. Please see the example calculations on page 10 of this brochure. Consult your tax advisor to learn how the IRS guidelines relate to your specific situation.