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Which statement is correct regarding North American team-sport leagues, in regard to IRS classification purposes (tax laws)? Teams are taxed as for-profit businesses and
Which statement is correct regarding North American team-sport leagues, in regard to IRS classification purposes (tax laws)? Teams are taxed as for-profit businesses and some leagues are taxed as non-profit organizations (NPOs). Only teams owned by corporations are taxed as for profit businesses; all other teams and leagues are classified as NPOS. Leagues are taxed for profit businesses and teams as NPOS. Only the "community owned" Green Bay Packers of the NFL is classified as an NPO.
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Intermediate Accounting
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
10th Canadian Edition, Volume 1
978-1118735329, 9781118726327, 1118735323, 1118726324, 978-0176509736
