June 27, 2004
Tax Problems of the Rich & Famous: Mike Tyson
Sunday, June 27, 2004
Possible grist for the classroom tax mill: Mike Tyson's tax problems, as reported by Sports Illustrated. Tyson received a $14 million payment from promoter Don King to settle his $100 million lawsuit, to be combined with purses from seven fights over the next three years as part of a bankruptcy reporganization plan, to pay off a $34.8 million IRS tax lien against Tyson and his ex-wife. (Thanks to reader Dwight Thompson for the tip.)
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Will Tyson be subject to income taxes on this settlement and the purses from his next three fights? If so, Tyson may be down for the count already.
Posted by: Shag from Brookline | Jun 27, 2004 2:12:52 PM