problem with Lariviere’s plan to use new donations to the athletic department to fund Bellotti’s payoff, from Lewis and Clark Tax Law Professor Jack Bogdanski. The IRS says “You cannot deduct contributions to specific individuals, … “. That rule will approximately double the cost to the donors of the buyout. Plus they may have to pay a 10% gift tax. Of course, Bellotti won’t have to treat it as earned income – so it will be worth twice that to him. Or maybe Melinda Grier can figure out a way to scam the IRS on this too?
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