Fox Business – In Jacobs v. Commissioner, the owners of the National Hockey League’s Bruins argued the team should be able to deduct 100% of the cost of certain meals they provided to players and staff. Under current law, only 50% of the cost of many business meals is tax-deductible…
The Bruins’s owners deducted 100% of the cost of meals provided to players and staff at road games, which came to $255,754 in 2009 and $284,446 in 2010. The IRS argued the law allowed only for a 50% deduction of these expenses, and it wanted an extra $85,000 in taxes.
The Tax Court judge disagreed with the IRS and sided with the Bruins.
Jeremy Jacobs is worth $4.3 billion, but has spent almost a decade battling the IRS over $85,000. Don’t ever change, JJ. Please don’t ever change.
To put the numbers into better perspective, this is like having $43,000 on your debit card and arguing with the cashier at 7-Eleven over 85 cents. I’d say Jacobs is living up to his reputation as one of the cheapest owners in sports, but I’d be lying if I said I didn’t respect the balls on this guy.
You’re 77 years old, you’ve set your family up financially for generations, and you still want to pick a fight with the IRS. You do you, man.
Smart PR move by Jacobs, too. I didn’t expect this from the team that fires coaches in the middle of the night on the west coast and during Patriots Super Bowl parades. I would’ve expected the Bruins to sue the Little Sisters of the Poor because they painted a house black and yellow or something. But the IRS? The only better PR move would have been to sue an airline for delaying your take off. (Or Ticketmaster for their absurd fees, but I’m being realistic.)
Now if you could get those guys who helped you beat the IRS in a room with Cam Neely and Don Sweeney, maybe they could help the Bruins beat the Senators next year and get a little bit closer to winning the Cup again.