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You are supposed to reduce the value of the deduction claimed by the fair market value of anything in return. So if they send you a $10 sticker or invite you to
by morpheuskafka 7y ago
You are supposed to reduce the value of the deduction claimed by the fair market value of anything in return. So if they send you a $10 sticker or invite you to a banquet with $500 in food, you can't deduct that part. The question is, how exactly can one determine the FMV of a boost in admission consideration (not even just the admission itself, but an un-quantifiable additional favorable factor in review)?
- lotsofpulp 7y agoQuestion would be moot if we simple got rid of deductions. Only reason to have them is to enable this type of gaming of the system.