Traded player contracts and draft picks have zero value under safe harbor

By Sally P. Schreiber, J.D.

Professional sports teams that trade player contracts or draft picks will be able to treat the contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade under a safe harbor issued by the IRS on April 11 (Rev. Proc. 2019-18). This guidance is discussed in detail in the July issue's Tax Practice & Procedures column.

Tax Insider Articles

TECHNOLOGY

2020 tax software survey

COVID-19 upended tax season. Did CPAs’ tax software help them cope? Read the results of our annual tax software survey

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.