Are event sponsorships tax exempt?

I am hosting a masquerade ball and hope to get several corporate sponsors. I am sure the corporations will ask if the sponsorship is tax exempt. Would it be? The checks will be made out to my business, expenses will be deducted and then 100% of proceeds minus expenses will go to charity.

The corporations can write it off as advertising expenses if they couldn't write it off as contributions. So it's not really going to matter to the companies.

I assume that your business is NOT a 501(c)3 registered charity. No, these sponsorships would not be tax deductible, even if all of the net money raised is given to a registered charity. If the checks were written to the charity then they'd be deductible.

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