If there are any Longhorn Foundation members out there that resell some of their tickets and have knowledge of the IRS rules around how sales proceeds are treated by the IRS, particularly when establishing a basis cost for the tickets based on the face value and your annual Longhorn Foundation, would you mind contacting me to chat? My accountant and I are at odds over how this should be reported and I would really like a second opinion. So if you have an accountant with some knowledge of this its even better. Please contact me directly at richardhsmith.hookem@gmail.com if you can help me. Thanks much.
You must be a 're'seller'? No way the total contribution is in the face value - jmo. But I don't know enough about any tax implications to get into a discussion.
If I recall correctly, the face value of the home tickets added together is 30-50% higher than the season ticket price. The difference represents the minimum Longhorn Foundation donation.
There is a “minimum” donation value and the value you give to get better seats. I was not suggesting the entire donation is represented in the ticket face value. Note there is a difference in face value and the season ticket price.
