Lucerne Valley Marina derby

[Kent]

So now we do the DU derby every year. Plus its tax deducible so its an added bonus

Based upon what theory is this tax deductible?

Quoting from the IRS website:

"Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value.  The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid."

This same logic would be applied to a fishing derby sponsored by a charitable organization.