Final IRS Pass-Through Deduction Rules Snub Team Owners
Law360 (January 18, 2019, 3:43 PM EST) -- The Internal Revenue Service rejected pleas from the Major League Baseball commissioner and others to allow sports franchise owners to qualify for a new 20 percent tax deduction for pass-through businesses, under final regulations released Friday.
Major League Baseball, among other groups, had argued that the Internal Revenue Service’s proposed rules on the new tax deduction for pass-through business were too restrictive. (AP) In nearly 250 pages of final rules, the IRS explained that although team owners are not directly performing athletic services, which is a statutorily restricted category for qualifying for the deduction, they nevertheless receive income by performing services...
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