Comments Thread For: Terence Crawford stripped of WBC super middleweight title for non-payment of fees

[Spray_resistant]

Bud challenged Spence for his belts, Madrimov for his belt and he challenged Canelo for his belts. That's prize fighting. Bud knows the sanctioning game, and if he didn't want to play it, he should have challenged those fighters with no belts on the line.

Its how the game goes but once you're a top boxing star you don't need belts anymore or you becoming undisputed would work too. They could divide the belts but you're the real champion if active in the division.

[Slip jab]

I’m unsure of all the agreements that went into the unified bout. But I am disgusted with corporate greed. This organization shamelessly wants Turki’s money. I’ve always disliked the payment structure in regards to the sanctioning fees, I believe that those fees should be paid beforehand by respective promoters; which would keep the sanctioning bodies out the bottom line of an event. The % bs is them forcing themselves to profit from from the fighters WINNINGS. I get it though because there’s so much money in boxing and these greedy POS’s want a piece and feel they DESERVE it.

[factsarenice]

didnt canelos belt pass to bud after losing the fight but bud then passes it back to canelo for him to keep for ever & the wbc issue a new belt for bud but they wont do this so bud misses out on his wbc belt is this right?

The belt belongs to Canelo, and ceremoniously handed to the winner. Eventually the belt is returned to the original owner and the sanctioning body makes a new belt with the winners name. That's the way it normally goes but in a sign of respect, Crawford insisted upon immediately returning belt to it's rightful owner....Canelo.

Crawford won the WBC championship in the ring, there's nothing Mauricio can do about it but what he can do is refuse to give Crawford a belt with his name on it. As for the money in dispute, none of the sanctioning bodies want close to what Suliaman is demanding. That's the deference and Suliaman won't budge, 300k plus another 150k or nothing.

[factsarenice]

I’m unsure of all the agreements that went into the unified bout. But I am disgusted with corporate greed. This organization shamelessly wants Turki’s money. I’ve always disliked the payment structure in regards to the sanctioning fees, I believe that those fees should be paid beforehand by respective promoters; which would keep the sanctioning bodies out the bottom line of an event. The % bs is them forcing themselves to profit from from the fighters WINNINGS. I get it though because there’s so much money in boxing and these greedy POS’s want a piece and feel they DESERVE it.

Spot on!

[MalevolentBite]

Has any boxer ever use paying belt fees as a tax write off? If you register your self as a LLC.

While the LLC is a separate legal entity, the owner can be a single individual. For tax purposes, the IRS typically treats a single-member LLC as a "disregarded entity," and its profits and losses are reported on the owner's personal tax return (such as a sole proprietorship.

I would pay it and write it off. If I decided to pay that fee.

[RockyKO]

Good for Bud! These guys have to pay 3% sanctioning fees for EACH belt which is absurd. They don't do anything and Floyd was rich at some point they just collect dust and these guys are throwing away money and when you're fighting for four of them that's 12% of your dang purse. Screw that. They bring almost nothing to the table at the end of the day so why should there be any fees outside of the making of the belt itself and maybe a small capped fee of $25,000 or so to the design team. This nonsense of paying them $300,000 for one fight is nuts. I am all for some force coming into boxing and eliminating the sanctioning bodies.

I like how the UBF does it. That is $3,000 which includes the shipping and the Championship cost.

[RockyKO]

I mean they should be stripping him of his belt when he goes back to 160 anyways. But he knows about the 3% beforehand and he should have paid it. But yeah, there should be one flat fee agreed on by the sanctioning bodies so it doesn't accumulate to 12% which is insane.

[factsarenice]

Silver belt, franchise belt, interim champion, super champion, mandatory nobodies, mandatory for some but not for others. The only source of income for these nonparticipant en****** is the money they can extort from athletes. These guys are like detective Gill and Harris, from the Equalizer, a bunch of corrupt cops extorting protection money, no more and no less.

[YOU WILL LOSE]

it's like a dine and dash,

[Willie Pep 229]

Has any boxer ever use paying belt fees as a tax write off? If you register your self as a LLC.

While the LLC is a separate legal entity, the owner can be a single individual. For tax purposes, the IRS typically treats a single-member LLC as a "disregarded entity," and its profits and losses are reported on the owner's personal tax return (such as a sole proprietorship.

I would pay it and write it off. If I decided to pay that fee.

I am going to pull this out of my azz, then I am going to look and see if I can see if I am correct, but I say certainly they can.

It's an expense of doing business. I doubt one even needs to be an LLC, but I bet most are anyway. (There are many advantages and protections involved.)

Income should only be taxed once. If the fighter pays the tax on the $300K then the WBC wouldn't have to pay taxes on it. If the WBC did pay taxes on the income, it would be taxed twice. I don't think that happens.

The fighters should be able to deduct from his taxes his . . .

Manger's cut
Trainer's cut
Training and travel expenses
sanctioning fees

. . . and then he pays taxes on what he gets!

Watch for edit. I m not sure.

[EDIT]

My staement above seems correct.

From AI

Each dollar is taxed only once, on the person who ultimately receives it, not multiple times along the chain of payments.

The IRS calls this the principle of “gross income minus allowable deductions”, and it’s designed exactly to avoid double taxation at the individual level