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Sunday, 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.)

http://taxprof.typepad.com/taxprof_blog/2004/06/tax_problems_of.html

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Comments

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 11:12:52 AM