Common Contracts
1 similar Boxing Agreement contracts
ContractBoxing Agreement • December 10th, 2014
Example 16. A, a boxer entered into an agreement with M boxing club to fight a par- ticular opponent on June 19, 1971. The agree- ment provided in part, that for his perform- ance A was to receive 16 percent of the gross receipts derived from the match. Simulta- neously, A and M executed a separate agree- ment providing for payment of A’s share of the receipts from the match as follows: 25 percent thereof not later than August 15, 1971, and 25 percent thereof during each of the years 1972, 1973, and 1974 in equal semi- annual installments. A’s share of the gross receipts derived from the match was $100x, of which 25 percent was paid to him in 1971 and a total of $25x in each of the years 1972, 1973, and 1974. Under the particular facts and cir- cumstances, A and M are not acting as part- ners or joint venturers. Thus, A is taxable upon his share of such gross receipts only in the years in which such share is actually paid to him under the terms of the separate agreement. The payments o
