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The New Tax Bill Could Unintentionally Force Sports Teams To Pay Taxes On Trades
Source:
deadspin.com
- Mar 21, 2018
A single word in the sweeping tax bill that House Republicans passed in December could lead to a host of unintended consequences for American pro sports teams when making trades, according to a report from Jim Tankersley in the New York Times.
This paragraph is boring but important: In addition to providing huge tax cuts for corporations, H.R.1 also tinkers with hundreds of more minute regulations. SEC. 13303 (a) adjusts how property trades are taxed, and while the old tax code allowed many businesses to exchange items of varying values free of the capital gains tax, the new tax bill shrinks that by more strictly defining its terms to apply the exemption only to real estate. (The bill reads: “Section 1031(a)(1) is amended by striking ‘property’ each place it appears and inserting ‘real property.’”)
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Category: General Business
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