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Did Nike offer an estimated value for them?
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Originally Posted by jca998
I'm glad that all of the proceeds go to Michael J. Fox's Foundation.
But...
I'm actually quite disappointed in Tinker Hatfield. As a fellow Architect/Engineer...he has had plenty of time to design, redesign and perfect the power lacing system.
Its been done by amateurs with little to no budgets and he has all of Nike's money and resources at his disposal. It's not like he's been working hard on any new releases for Jordan Brand, they've been releasing the same garbage retro crap for years.
All in all, great for charity.
Originally Posted by jca998
I'm glad that all of the proceeds go to Michael J. Fox's Foundation.
But...
I'm actually quite disappointed in Tinker Hatfield. As a fellow Architect/Engineer...he has had plenty of time to design, redesign and perfect the power lacing system.
Its been done by amateurs with little to no budgets and he has all of Nike's money and resources at his disposal. It's not like he's been working hard on any new releases for Jordan Brand, they've been releasing the same garbage retro crap for years.
All in all, great for charity.
so unless Nike comes out and says the shoes are worth $500, you will not be able to claim all of it as donation?Originally Posted by Ace3han
To everyone who wants to know if this can be tax deductible then here is the IRS stance on charity auctions:
Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value. The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid. For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding. Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, the difference between the amount paid and the published value may constitute a charitable contribution deduction.
Here is the link to the page at IRS.Gov
http://www.irs.gov/charities/charitable/article/0,,id=123204,00.html
so unless Nike comes out and says the shoes are worth $500, you will not be able to claim all of it as donation?Originally Posted by Ace3han
To everyone who wants to know if this can be tax deductible then here is the IRS stance on charity auctions:
Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value. The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid. For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding. Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, the difference between the amount paid and the published value may constitute a charitable contribution deduction.
Here is the link to the page at IRS.Gov
http://www.irs.gov/charities/charitable/article/0,,id=123204,00.html
Originally Posted by MortalMonkey
Did Nike offer an estimated value for them?
Originally Posted by MortalMonkey
Did Nike offer an estimated value for them?
oh...Originally Posted by Oh YoU MaD
Originally Posted by jca998
I'm glad that all of the proceeds go to Michael J. Fox's Foundation.
But...
I'm actually quite disappointed in Tinker Hatfield. As a fellow Architect/Engineer...he has had plenty of time to design, redesign and perfect the power lacing system.
Its been done by amateurs with little to no budgets and he has all of Nike's money and resources at his disposal. It's not like he's been working hard on any new releases for Jordan Brand, they've been releasing the same garbage retro crap for years.
All in all, great for charity.
Preach!
Tinker is a scumbag, yeah he designed some shoes in the late 80s and early 90s but thats where the road ended for dude.
He should retire for good.
oh...Originally Posted by Oh YoU MaD
Originally Posted by jca998
I'm glad that all of the proceeds go to Michael J. Fox's Foundation.
But...
I'm actually quite disappointed in Tinker Hatfield. As a fellow Architect/Engineer...he has had plenty of time to design, redesign and perfect the power lacing system.
Its been done by amateurs with little to no budgets and he has all of Nike's money and resources at his disposal. It's not like he's been working hard on any new releases for Jordan Brand, they've been releasing the same garbage retro crap for years.
All in all, great for charity.
Preach!
Tinker is a scumbag, yeah he designed some shoes in the late 80s and early 90s but thats where the road ended for dude.
He should retire for good.