Entertainment mogul David Geffen’s $100 million naming gift to Lincoln Center points up the need for tax law to reflect a growing culture of competitive philanthropy, a law professor writes in a New York Times column. Linda Sugin of Fordham University notes that tax deductions are reduced if the donor receives a tangible asset, such as a seat at a concert or gala but not for the far more valuable benefit of a name on a building.
Mr. Geffen’s pledge last week to fund a major renovation of Lincoln Center’s Avery Fisher Hall came with an agreement that it would bear his name “in perpetuity.” The New York venue paid $15 million to Mr. Fisher’s heirs last year to offer naming rights to a new donor.
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