Interesting article on WRAL today about big sports and their non-profit status. See article here.
2010 Levels of Income that was Tax Free:
- NFL – $1 billion in assets, $183 million in revenue
- PGA – $14 million in profit
- NCAA – $40.7 million in net revenue
- ACC Conference – brought in $167 million, $1 million in net revenue
All of these entities are exempt from Corporate and Property Tax.