Quote:
Originally posted by Nevadaref
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Well according to a court ruling some years back, fines are tax deductible because they were deemed a business expense, so if someone else pays him back he is in exactly the same salary situation as before the fine as far as the IRS is concerned.
[/B][/QUOTE]Charles Barkley made that point years ago about fines being tax deductible. That's why it never bothered him much at all when he was playing when he got up into the 6-7 figure range annually for fines.
Tax wise, I think that a "loss of income" levy from being suspended from games with the accompanying payroll loss might be handled differently from a tax deduction standpoint. Iow, I don't think that Ron Artest is deducting anything from his income, mainly because I don't think that he is getting an income while he's suspended. I don't know for sure exactly how that works though.
Tue May 10, 2005, 04:07am
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