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Question
Does purchasing a table at a nonprofit gala constitute a contribution to the nonprofit?
AI accountant’s answer:
Yes, purchasing a table at a nonprofit gala typically constitutes a contribution to the nonprofit. However, only the portion of the table cost that exceeds the fair market value of the goods and services provided at the gala is considered a tax-deductible charitable contribution. The nonprofit organization should provide you with a written acknowledgment that indicates the fair market value of the goods and services you received and the portion of the payment that is considered a charitable contribution for tax purposes.
Comment from reviewer
Jacques Seys, CPA
Not Correct.
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