NFL Labor Crisis Deepens With Multiple Teams Striking
The NFL faces a mounting labor crisis as the Redskins Jets and Patriots join a strike leaving the regular season in jeopardy. Owners back a six point plan while players demand immediate contract talks, with several teams set to join the walkout and others weighing action.
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Rosters Of NFL Teams Dwindle To 43 Limit
Roster cuts across 26 NFL clubs as the 43-man opening day limit looms. Bubba Smith was released by Oakland while St Louis Pittsburgh Miami Chicago Cleveland Houston and Minnesota trimmed rosters. Cards released Ernie McMillan and others. Steelers cut Preston Pearson and Walter White. Houston cut James Foote and Solomon Freelon. Cleveland added Jim Hill. Minnesota behind receivers and defensive backs pared down.
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Houston
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al Johnson
Cleveland
Jim Hill
Green Bay
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Charlie Miller
Minnesota
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Jackie Wallace
Dave Hazel
Ohio State
House to Restrict Franchises as Tax Shelters
The House Ways and Means Committee will review bills to curb use of professional sports franchises and player contracts as income tax deductions. Experts say current practices inflate franchise values, fuel tax losses, and let marginal teams survive on deferrals. The proposal requires specifying the purchase price split with contracts and restores depreciation taxation on certain contracts and sales.
MENTIONED IN THIS ARTICLE
Washington
House
Ways and Means Committee
Congressional
The
Treasury
Mayers
How Shelter Works in a Sports Franchise Tax Shelter
Washington AP describes a tax shelter example from 1976 where McSport and three partners buy a professional sports franchise for 10 million dollars. They structure 1 million cash and 9 million in long-term notes, with depreciation on player contracts and equipment producing a loss that lowers Mr. Sport’s taxable income. He gains 322,500 in cash and income, despite the team showing a net loss before depreciation.
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McSport
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Sport
Tran
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