Tax Pro Today
Baseball is back, but we may not see many changes in lineups because of a new tax law. Changes in the rules for like-kind exchanges under the Tax Cuts and Job Act will force sports teams to pay taxes every time they trade players, and they cannot use the old rules under Section 1031 of the tax code for like-kind exchanges to make trades on a tax-free basis. Under the new tax law, sports teams that trade players are seen as effetively trading those players' contracts, which are regarded as assets for tax purposes. Fans, get familiar with those players.
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