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1-) On December 31, 2019, Robert Kraft hands Tom Brady a check for $10,000,000 to buy out his contract with the Boston Patriots and tells him to make sure the door hits you on the way out. Tom Brady cashes the check on January 2nd. The Boston Patriots recorded the transaction on December 31, 2019.

Tom Brady entered into a new contract with the Tampa Bay Buccaneers after the 2020 Super Bowl game for $27,000,000. The club will pay him $25,000,000 with the remaining $2,000,000 being used to pay his minor children consulting fees during 2020.

Tom tells the Tampa Bay Buccaneers that they should rent a mansion 10 miles from the stadium for his personal use. He understands that the use the mansion would be for the convenience of the employer and would be deductible by the Tampa Bay Buccaneers and not include in Toms compensation package.

Upon hearing of Tom Bradys signing, the Tampa Bay Chamber of Commerce authorized the funding and construction of a statue of Tom Brady at the Tampa Bay Stadium. They will also give Tom Brady a mini statue worth $1,000 and the keys to a Porsche Taycan worth $75,000 for being Citizen of the Year which will be presented to Tom Brady at a gala event for the statues unveiling that summer.

a-) Discuss receipt of the $10,000,000 check to buy out contract with Patriots.

b-) Discuss Tom Bradys $27,000,000 contract with Tampa Bay Buccaneers.