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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?

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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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