Charitable Racing - What's the angle?

[stuboyle]

I was watching the Daytona 24 again the other day and noticed the number of teams raising money for charities has proliferated. This got me thinking that there is some tax angle to this. Let's say your a wealthy gentlemen racer and finance your own race operation. Could the cost of your racing be made tax deductible if you are raising money for charity?

[clm1545]

Interesting thought. After what happened to Helio, I would be very careful about getting involved with anything the IRS ( it's real scary) might look into.