Tagged: Taxes

1

A History of Tax Sheltering For Sports Team Ownership

It all traces back to a September 1934 court ruling that settled a battle between the Pittsburgh Pirates and the IRS. In those days, MLB contracts had a one-year term with a standard renewal option (called a “reverse clause”). The reverse clause...

15

The Taxing Impact of State Taxes

It’s one of life’s certainties: Athletes need to pay taxes on income earned on the road. For each of his first seven NBA seasons, Dwyane Wade has worked in Florida, where there’s no state income tax. Yet, each April, he undoubtedly pays...