December 11, 1997
New Law Clarifies Rules on Sponsorships
The I.R.S. plans to use a new tax statute to resolve some cases involving corporate sponsorships of non-profit events.
The statute, which takes effect January 1, clarifies when a charity can avoid income taxes on revenue it receives from companies' sponsoring of such events as non-profit football bowl games, symphony performances, and public-broadcasting productions.
The new law applies only to sponsorship payments solicited or received after December
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