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What's tax responsibility of sponsors sport event?

Going to host sporting event. Sponsors pay. What's my tax responsibility for the sponsorship?

Planning on hosting my first wrestling tournament.  We are generating sponsorship to pay for the event (insurance, facility cost, materials, advertising, etc.).  If it will cost somewhere around $10,000 then how much money do we need to raise to cover my tax responsibility?  Approximately what percentage of the money will go to taxes?

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