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.

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