(UDHAYAM, COLOMBO) – Unbeaten boxing great Floyd Mayweather Jr reportedly owes federal taxes on his earnings from 2015 and has filed a petition to postpone payment until after his fight with Ultimate Fighting Championship (UFC) fighter Conor McGregor.
The 40-year-old “Money” Mayweather said in a petition with the United States Tax Court that he has the capacity to pay it off, but that his money is tied up in assets that cannot be easily converted into cash.
Mayweather also asked for a short-term instalment agreement to allow him more time to get the amount needed, and that he not be subjected to a fine for late payment.
“Although the taxpayer has substantial assets, those assets are restricted and primarily illiquid,” Mayweather’s filing said, according to the Law360 report. “The taxpayer has a significant liquidity event scheduled in about 60-days from which he intends to pay the balance of the 2015 tax liability due and outstanding.”
The cash would come sometime near his fight with Mixed Martial Arts (MMA) superstar Conor McGregor in a pay-per-view boxing match on August 26 for which he expects to receive $100 million plus.
The report doesn’t say how much Mayweather owes, but SBNation’s Bloody Elbow estimates that Mayweather will have to pay taxes on approximately $400 million in earnings as well as cover his past Internal Revenue Service (IRS) debts.
In 2015, Mayweather, after defeating Manny Pacquiao in what was dubbed “The Fight of the Century,” reportedly earned $220-230 million.
Courtesy: www.rappler.com
