RacersEdge
08-22-2005, 05:25 PM
This guy really likes sports I guess. Too bad it didn't get around the tax issue though.
When Kenneth R. Masterson retired as general counsel for Memphis, Tenn.-based FedEx he signed a renewable two-year consulting contract for no pay.
Masterson will be paid only in perquisites -- like two season tickets for Memphis Grizzlies basketball games and access to corporate suites at the FedExForum in Memphis, the home of the Grizzlies, and at FedEx Field in Landover, Md., home of the Washington Redskins, reported the New York Times Sunday.
Masterson also negotiated a $65,000 golf club membership and a $28,000 John Deere tractor.
The Internal Revenue Service considers perks as income so Masterson also negotiated a cash payment to pay the taxes on his retirement gifts from the company.
When Kenneth R. Masterson retired as general counsel for Memphis, Tenn.-based FedEx he signed a renewable two-year consulting contract for no pay.
Masterson will be paid only in perquisites -- like two season tickets for Memphis Grizzlies basketball games and access to corporate suites at the FedExForum in Memphis, the home of the Grizzlies, and at FedEx Field in Landover, Md., home of the Washington Redskins, reported the New York Times Sunday.
Masterson also negotiated a $65,000 golf club membership and a $28,000 John Deere tractor.
The Internal Revenue Service considers perks as income so Masterson also negotiated a cash payment to pay the taxes on his retirement gifts from the company.