For domestic readers of Field Gulls, Monday is tax day, meaning that the Russell Wilson deadline may get lost in the shuffle of standing in line at the post office or keeping ones fingers crossed that the servers don’t crash under the wave of traffic while trying to electronically file. However, on Thursday, everybody’s favorite piece of the government issued what is called a Revenue Procedure regarding the valuation of contracts and draft picks for tax purposes.
If that doesn’t make any sense, let me give a brief background. Everything that a business operation owns must be accounted for in terms of gain or loss of a value, and taxes must be paid on any assets that appreciate in value, while a depreciation write down may be taken for those assets which lose value over time.