Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
Taxation Of Professional Athletes, Ronald B. Cohen
Taxation Of Professional Athletes, Ronald B. Cohen
Cleveland State Law Review
There is very little doubt that the current income tax laws are not applied with equal fairness to people of all occupations. There are many groups whom Congress has seen fit to give many tax advantages, both directly and indirectly. Others assert, and rightly so, that they must pay too much of the tax burden. Professional athletes have probably often wondered just which category best fitted them. This article is for the purpose of pointing out some of the unique problems of the "play for pay" boys. I have grouped those problems into three topics, which I call, "Deferred Compensation", …
Tax Of Qualified Deferred Compensation Plan, Lucius C. Gossick
Tax Of Qualified Deferred Compensation Plan, Lucius C. Gossick
Cleveland State Law Review
One of the primary reasons for the steady growth in the number of qualified deferred compensation plans described in Section 401 (a) of the Internal Revenue Code of 19541 is their usefulness as tax planning devices. An important tax consideration in adopting such a plan is that the taxation of plan benefits to employee-participants or their beneficiaries, provided by current employer contributions, will be deferred to some future time. Because of the rapid changes that occur in the income tax law this article will cover general tax considerations applicable to such benefits that exist presently. Consideration will be given the …