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View Diary: Utah Republican: Make the NFL pay taxes (112 comments)

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  •  NFL's Tax Exempt Status: Just Wondering (1+ / 0-)
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    gffish

    So, if I founded a league of racing turtles, always a career path I've thought highly of, would I be able to get tax-exempt status on all of my income from said sport?

    Or would I have to make them wear helmets and carry a regulation-sized football as they raced toward the goal line?

    •  It's not quite so simple (1+ / 0-)
      Recommended by:
      Dvd Avins

      Assume that by founding a league, you would be allowing others to sponsor turtles and compete in races you arranged and provided venues and services for. You might or might not own some racing turtles yourself; for conflict-of-interest reasons you probably don't want to (much as Bud Selig has had to sell off his stake in the Brewers to serve as baseball commissioner).

      The owners would be racing turtles for profit—purses, sponsorship income, a percentage of the gate from each event, whatever (just like NASCAR or indeed any motorsports-sanctioning body, which is the model here). You, as league owner and commissioner, would realize your income from dues from the racing teams, licensing, whatever. You could decide to be a non-profit like the NFL is officially (in that it exists to facilitate the business of its member teams, rather than make a profit itself) or a for-profit like the NBA or (I think) NASCAR.

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