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Meant to put this on the basketball board, but I guess it's just as good here and impacts basketball and football.
This doesn't seem remotely surprising to me. I know these collectives have been pushing the tax exempt status and I just didn't see why it would be exempt. You're putting money into a collective to pay for overpriced "advertisements" at best, and pay for players at worst.
From the story: "According to a memo released from the office of the IRS Chief Counsel, donations made to nonprofit NIL collectives 'are not tax exempt' because the benefits they provide college athletes are “not incidental both qualitatively and quantitatively to any exempt purpose.'"
This doesn't seem remotely surprising to me. I know these collectives have been pushing the tax exempt status and I just didn't see why it would be exempt. You're putting money into a collective to pay for overpriced "advertisements" at best, and pay for players at worst.
From the story: "According to a memo released from the office of the IRS Chief Counsel, donations made to nonprofit NIL collectives 'are not tax exempt' because the benefits they provide college athletes are “not incidental both qualitatively and quantitatively to any exempt purpose.'"