Lunch Tab - $2.63 Million / Deductible?

[JohnH]

Just wondering if the guy who paid $2.63 million to have lunch with Warren Buffet is planning to deduct this as an "Ordinary and Necessary" business expense. If so, will it be subject to the usual 50% reduction? It seems like a lot, but I notice he can bring 7 friends along, so the actual cost would be much lower - about $350K per person, so that's much more reasonable when you think about it.

Also, I wonder if the tip is included, additional, or is it Smith & Wollensy's policy to add a 15% gratuity for large groups? Might be nice to be the one serving their table that day.

http://preview.bloomberg.com/news/2010-06-12/warren-buffett-lunch-sells-for-a-record-2-63-million-in-charity-auction.html

[veritas]

Buffet

with Buffett.

[JohnH]

Nice...
That's certainly food for thought, plus thoughts for food.

[Black Bart]

Suppose

...the guy who paid $2.63 million to have lunch with Warren Buffet...Also, I wonder...is it Smith & Wollensy's policy to add a 15% gratuity for large groups? Might be nice to be the one serving their table that day.

the hedge fund manager (or whoever) says "Look Mr. Buffet, I just coughed up 2 1/2 milion bucks for this lunch. Please give me the trade secret of your success." And he replies, "Sure. I buy low and sell high." And if HFM presses for details, WB says "I like Coke. Nice talking to you -- I've got a plane to catch. How about picking up the tip?"

[Lion]

Ce

Now, it's continuing education, deducted at 100%. Or, maybe a consultant and your client should issue Form 1099-MISC.

[JohnH]

the hedge fund manager (or whoever) says "Look Mr. Buffet, I just coughed up 2 1/2 milion bucks for this lunch. Please give me the trade secret of your success." And he replies, "Sure. I buy low and sell high." And if HFM presses for details, WB says "I like Coke. Nice talking to you -- I've got a plane to catch. How about picking up the tip?"

Or WB could quote Will Rogers' famous investing advice:
"Don't gamble!
Take all your savings and put it in a good stock.
When it goes up, sell it.
If it don't go up, don't buy it! "

[JON]

As it says in

the article the amount paid is written out to the foundation (charity), he will get a letter from the charity with the value of the meal deducted and the rest a contribution. Lunch with the BUFF does not get any stock tips, just life tips and some laughs. I think the BUFF peaked years ago, but he still is a good man and does beat the average 9 out of ten years.

[JohnH]

Lots of BH shareholders don't think he's peaked yet, and they have the bucks to show for it.

[veritas]

warren buffett

Much to admire about his success and life style.


He's wrong about taxes.

[AZ-Tax]

At $350 each, well this should be....

a 6 monthly daily buffet.