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#16 | |
Playmaker
Join Date: Feb 2007
Location: Virginia Beach
Posts: 4,347
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Re: Where does the fine money go?
Quote:
The team would be deducting the $ 25K as either a salary, without the fine, or as a payment to a charity as a fine. Either way the team takes the same deduction with or without the fine. The NFL and NFLPA take the fine money and donate it directly to their respective charities. They would need to account for the money coming in, then show it going back out to charity....and yes they would take the charitable deduction. However, the team, the NFL or NFLPA see any financial benefit or tax benefit from NFL player fines.
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"I would bet.....(if), an angel fairy came down and said, '[You can have anything] in the world you would like to own,' I wouldn't be surprised if you said a football club and particularly the Washington Redskins.'' — Jack Kent Cooke, 1996. |
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