I operate my business as a proprietorship and I sponsor a local baseball team. I buy the uniforms (our firm name appears), bats, balls, and masks, and I even contribute to the fund that pays for the umpires. I get good publicity with this. In fact, the games are reported in the local newspaper. May I deduct the sponsorship costs as advertising? (G.A., Santa Clarita, CA)
Yes. Revenue ruling 70-393 states that the monies spent to ... Log in to view full article.