An allstar cheerleading gym in my city wants to donate tumbling coaching and use of their facility (which is a unique facility) to the university’s cheerleading squad for one hour per week. For one year (48 weeks) of this service, provided to twenty cheerleaders, the approximate value would be about $20,000.00. The company has agreed to provide this service free-of-charge, and the university is treating it as a "gift-in-kind". The university has said they will provide the company with a receipt, which (according to the university), the company can use as a tax deduction, since the university is a public university.
Is this true? Partially true? Completely false? Are there any deductions possible through this method?
Dont worry the Gym owner will have the Gym’s CPA take care of the whole thing.
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