Football season ended last week; if you're feeling withdrawal symptoms, here's the interesting tale of how the NFL obtained nonprofit status.
"The NFL rakes in more than $9 billion a year, more than the GDP of 53 countries. It plans to reach $25 billion in annual revenue by 2027. Nevertheless, the Internal Revenue Service considers the league’s front office a nonprofit. Just like the United Way or your local chamber of commerce. You know why the IRS is so misguided? Because you gave them the crummy guidance. In 1966, Congress altered the portion of the federal tax code dealing with 501(c)6 business organizations, which are defined as 'associations of persons having some common business interest, the purpose of which is to promote such common interest and not to engage in a regular business of a kind ordinarily carried on for profit.'" -- Patrick Hruby, Politico
