{"id":452,"date":"2019-04-11T15:48:35","date_gmt":"2019-04-11T15:48:35","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=452"},"modified":"2019-04-11T15:48:59","modified_gmt":"2019-04-11T15:48:59","slug":"irs-issues-guidance-providing-safe-harbor-trades-player-staff-member-contracts-draft-picks","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-issues-guidance-providing-safe-harbor-trades-player-staff-member-contracts-draft-picks\/","title":{"rendered":"IRS issues guidance providing safe harbor for trades of player and staff-member contracts and draft picks"},"content":{"rendered":"<p><script 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class=\"region region-content\">\n<article class=\"pup-article full clearfix row\">\n<div class=\"col-md-12 col-sm-12 col-xs-12\">\n<div class=\"field field--name-body field--type-text-with-summary field--label-hidden field--item\">\n<p>IR-2019-70, April 11, 2019<\/p>\n<p>WASHINGTON \u2013The Internal Revenue Service issued guidance today that provides a safe harbor allowing professional sports teams to treat certain player and staff-member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff-member contract or a draft pick.<\/p>\n<p>Historically it has been difficult for professional sports teams to assign a monetary value to contracts or draft picks due to the fluctuating nature of the performance of players and staff members, and market conditions.\u00a0 This guidance allows professional sports teams to avoid having to value their player contracts, staff-member contracts, and draft picks to determine the amount of any gain or loss to be recognized.\u00a0 A team using the safe harbor recognizes gain only if cash is received in the trade.<\/p>\n<p>The IRS announced the guidance in <a title=\"Revenue Procedure 2019-18\" href=\"https:\/\/prod.edit.irs.gov\/pub\/irs-drop\/rp-19-18.pdf\" data-entity-uuid=\"ded68171-5e80-4330-b332-639521417925\" data-entity-type=\"media\" data-entity-substitution=\"pup_linkit_media\">Revenue Procedure 2019-18<\/a>, posted today on IRS.gov.\u00a0https:\/\/www.irs.gov\/newsroom\/irs-issues-guidance-providing-safe-harbor-for-trades-of-player-and-staff-member-contracts-and-draft-picks<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IRS issues guidance providing safe harbor for trades of player and staff-member contracts and draft picks | Internal Revenue Service IR-2019-70, April 11, 2019 WASHINGTON \u2013The Internal Revenue Service issued [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-452","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS issues guidance providing safe harbor for trades of player and staff-member contracts and draft picks - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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