Lance Armstrong and the Race for Deductibility
7 Pages Posted: 26 Oct 2012
Date Written: October 25, 2012
As a result of the doping scandal, Lance Armstrong has been stripped of his seven Tour de France wins. In addition to being erased from the recordbooks, Armstrong will have to return up to $16 million in purses and bonuses he received as a result of his win. In this paper, I discuss the tax consequences to Armstrong of his returning his winnings.
Keywords: Lance Armstrong, doping, claim of right, Tour de France, deduction, section 162, section 1341, Internal Revenue Code, federal income tax, trade or business, repayment
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