IRS addresses whether college NIL collectives further an exempt purpose
A memo from the IRS Office of Chief Counsel advises that an organization that develops paid NIL opportunities for student-athletes will, in many cases, be operating for a substantial nonexempt purpose—serving the private interests of student-athletes—which is more than incidental to any exempt...
www.journalofaccountancy.com
This effectively ends tax deductions for donors who give nil money. How much that changes things remains to be seen. I expect this is only the beginning of the taming of the wild West
