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Danny, an avid college basketball fan, has always purchased his tickets from online ticket sites...

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Accounting

Danny, an avid college basketball fan, has always purchased his tickets from online ticket sites and ticket scalpers. However, this year he was invited to join the universitys ticket program. The program requires a $7,500 contribution to the university for the privilege or right to purchase season tickets. Participants in the program then pay $1,000 per season ticket. How much, if any, of the $7,500 and $1,000 payments is deductible? (assume that Danny itemizes deductions and would not be limited by any AGI limitation, if applicable)

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