Old UL about forfeiting game show prizes if you can't afford the taxes

[DrDeth]

@Otto

Why would WoF or GM get a tax deduction? GM isn’t donating the car to charity, they’re exchanging it for “promotional consideration.” WoF is giving it away, but it’s not to charity, and since they’re getting the car in exchange for goods and/or services they aren’t taking a loss on it.

It’s a business expense. Called Promotions. If GM buys a minute of ad time on the same show it’s also deductable, as advertising.