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Art, Entertainment & Sports Tax

Read need-to-know updates, commentary, and analysis on Art, Entertainment & Sports issues written by leading professionals.

Georgia Weekly Legislative Update - April 2017

by Dentons on

The Georgia General Assembly adjourned for the year in the early morning hours of Friday, sending to Governor Nathan Deal a major slate of bills, including a failing schools turnaround program, a pilot program for highly...more

A “Thriller” in Tax Court: The Estate of Michael Jackson and IRS Dispute Valuation of Pop Star’s Image

by Bowditch & Dewey on

How much were the late King of Pop’s name and image worth when he died? His estate put the figure at $2,105 but the IRS believes the value is at least $434 million. That’s a huge discrepancy and with penalties and interest...more

Michael Jackson Estate Tax Case Moving Forward

by Charles (Chuck) Rubin on

Most estate tax practitioners will tell you estate tax it is all about valuation when assets are other than cash and marketable securities. The estate tax case of the Michael Jackson estate is an ideal demonstration. Tax...more

NC Legislative Update: February 2017 #2

by Nexsen Pruet, PLLC on

This Week - Following a lawsuit by Gov. Roy Cooper (D), a law passed in one of last year’s December special sessions creating the Bipartisan State Board of Elections & Ethics Enforcement (BSBEEE) was put on hold. The...more

Six Tips for Tribal Governments to Reduce Tribal Member Taxes in 2017

by Holland & Knight LLP on

As the Republican-led Congress and White House move forward on the repeal of the Affordable Care Act (ACA) and major tax-reform legislation, there are several new opportunities that may benefit tribal governments and their...more

Ole Miss Substantially Prevails in Tax Court Case over Taxability of Coach Appearances

by Butler Snow LLP on

Tax exempt organizations must report and pay tax on their “unrelated business income.” Butler Snow recently represented The University of Mississippi (“UM”) in a federal income tax dispute in the United States Tax Court...more

Fair Warning: Artwork, Private Foundations, and Self-Dealing

The weekend has ended and Art Basel – Miami 2016 has concluded. To many U.S. taxpayers, it’s just another Monday, but to serious collectors who attended this vibrant art fair focused on contemporary paintings and sculptures,...more

The Re-emergence of Art Market Tax Investigations and the Domestic Freeport as a Tax Safe Haven

by K&L Gates LLP on

On May 12, 2006, Manhattan District Attorney (DA) Robert M. Morgenthau announced that L. Dennis Kozlowski, former CEO of Tyco International, would pay US$3.2 million to settle charges of avoiding sales tax on 12 paintings he...more

Petition for Writ of Certiorari Denied by Alabama Supreme Court in Key Sales Tax Case

Last Friday the Alabama Supreme Court denied the ADOR’s petition for writ of certiorari in the case of State Dep’t of Revenue v. Omni Studio, L.L.C. The denial by the Supreme Court follows a pro-taxpayer ruling in the Alabama...more

New York Issues DFS Permits

Just days after a New York State’s Daily Fantasy Sports law was passed, the New York Gaming Commission announced it has issued temporary permits to 5 DFS operators. The companies are DraftKings, FanDuel, Yahoo, Fantasy Draft...more

Welcome (Back) to New York: The Empire State Legalizes Daily Fantasy Sports

by Goodwin on

On Wednesday, Governor Andrew Cuomo signed into law S. 8153, a bill authorizing daily fantasy sports (DFS) in the Empire State. The law requires DFS operators to register with the New York State Gaming Commission, pay a 15%...more

Pennsylvania Tax Changes and Tax Amnesty Program

by Ballard Spahr LLP on

As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more

9th Circuit: Online Poker Accounts Not Reportable on FBAR

by Blank Rome LLP on

On July 21, 2016, the Ninth Circuit in United States v. Hom, No. 14-16214 D.C. No. 3:13-cv-03721-WHA (9th Cir. 2016), determined that a taxpayer who held an online poker account with PokerStars and PartyPoker was not required...more

FinCEN Assesses Significant Penalty Against Casino for Bank Secrecy Act Violations

by Holland & Knight LLP on

The Financial Crimes Enforcement Network (FinCEN) assessed on July 15 a civil money penalty in the amount of $2.8 million against Hawaiian Gardens Casino Inc., d/b/a The Gardens Casino, for Bank Secrecy Act (BSA) regulatory...more

Pennsylvania General Assembly Passes Revenue Package with Significant Digital Tax Expansion

by McDermott Will & Emery on

On July 13, 2016, a legislative conference committee was appointed to approve an already agreed-upon $1.3 billion revenue package, which was immediately approved by both the House (116-75) and Senate (28-22) and sent to...more

Pennsylvania Enacts Tax Bill as Part of Budget Package

by Reed Smith on

Pennsylvania has enacted tax law changes projected to generate $752M in new revenue. The changes include severe restrictions on the vendor sales tax discount for timely filing, imposition of sales tax on digital downloads and...more

What do Prince, Michael Jackson, and Whitney Houston Have in Common?

by BakerHostetler on

Michael Jackson, Prince and Whitney Houston each revolutionized the music industry and impacted popular music for decades. We all appreciate how Michael Jackson moonwalked across the stage, Prince made it (purple) rain and...more

The Death of Prince Rogers Nelson – An Estate Tax Controversy Likely To Follow

by Garvey Schubert Barer on

Many of our readers have asked me about the likely controversy that will ensue following the death of Prince. In fact, two readers feel, since I have been reporting about some of the controversy surrounding the Estate of...more

Big Leaguers: Daily Fantasy Sports Scores Major Legislative Victory in New York

by Reed Smith on

From the Stanley Cup to the NBA Championship, there were some major sports victories these last few weeks. Championship cities celebrated with fans flooding their streets for victory parades. But one sports victory—a win...more

Georgia’s ‘Y’allywood’ Film Tax Credits Irresistible to Buyers

by Arnall Golden Gregory LLP on

“Y’allywood” is quickly supplanting “Hotlanta” as the cringe-worthy, yet seemingly ubiquitous term used to describe Atlanta’s new starring role. Like it or not, Y’allywood aptly captures the moment and growing trend that...more

The Battle Between the Estate of Michael Jackson and the IRS Continues

by Garvey Schubert Barer on

In March 2014, I reported on the all-out battle that was ensuing in the U.S. Tax Court between the IRS and the Estate of Michael Jackson over the value of the late pop singer’s estate. It began in 2013, when the estate...more

Naming Rights, Sponsorships, Advertising and Other Private Business Use Relating to Texas Public High School Stadiums and Other...

In addition to building some of the nation's largest high school football stadiums, Texas public school districts are following a national trend – the sale of naming rights to football stadiums and other district facilities....more

Tax Law Blog: More Issues for Prince's Lack of Estate Planning

by Davis Brown Law Firm on

I’m not typically one to follow pop culture, but in the case of Prince’s lack of an estate plan, I’m following closely how this can serve as an example of how not to do your estate plan. An earlier post discussed the...more

Milwaukee Bucks become latest victim to w-2 phishing scheme

We have been repeatedly warning our clients and readers about the massive and successful W-2 phishing schemes where hackers impersonate the CEO or CFO and send emails to payroll and/or HR folks in companies requesting W-2...more

Canadian Tax Credits: Lights, Credit, Axing!

As of October 1, 2016, British Columbia (B.C.) will reduce tax credits available to film and television productions. Basic production service tax credits will be reduced from 33 percent to 28 percent, and tax credits offered...more

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