NFL relinquishing tax-exempt status

[WNYresident]

NFL relinquishing tax-exempt status

By STEPHEN OHLEMACHER

Associated Press

WASHINGTON (AP) - The National Football League is giving up its tax-exempt status.

In a letter to team owners, Commissioner Roger Goodell says the league office and its management council will file tax returns as taxable entities for the 2015 fiscal year. Goodell says the NFL has been tax-exempt since 1942, though all 32 teams pay taxes on their income.

http://www.wgrz.com/story/sports/nfl...atus/26519737/




I wonder how much in taxes this will produce.

[leftWNYbecauseofBS]

I wonder how much in taxes this will produce.

About $10M per year.

[grump]

About $10M per year.

Doesn't come close to covering the hundreds of millions Obama And the pathetic old woman running the federal reserve have lavished on Elon Musk, Buffett, Gates, Blankfein and that bevy of Wall Street ********.

[nogods]

Let's not be naive, the NFL has figured out that it will be able to claim tax losses for the next 5 to 10 years that can be passed on to the owners to help shelter some of their profits. It won't be paying any taxes in the near future.

[skoorbekim]

American Liberals lose another twisted political talking point...

[leftWNYbecauseofBS]

American Liberals lose another twisted political talking point...

That is exactly why they are paying taxes. It's a $10M fee to shut up the idiots.

[cheekman]

about time.
One result is that Goodell's compensation — about $35 million 2013, and approximately $44 million in 2012 — will no longer need to be made public.

In a memo to all 32 teams Tuesday, he wrote that "a change in the tax status will not alter the function or operation of the league office or Management Council in any way."

A business of about $10 billion in annual revenues, the NFL has held tax-exempt status since the 1940s, and so was required to file a publicly available IRS form listing compensation for the highest-paid employees. Individual NFL teams do not have tax-exempt status.

It's not known exactly how, if at all, the league's switch from tax-exempt to taxable would affect the total amount paid in taxes by the NFL, its teams and all their affiliated entities. What is clear is that Tuesday's change does not affect the NFL's antitrust exemption, created in the Sports Broadcasting Act of 1961. That allows clubs to negotiate radio and TV broadcast rights together