Bridget J. Crawford (Pace), Basis and Basketball: A One-Act Story of First Norwest Industries of America, Inc. v. Commissioner (aka the Seattle Supersonics Case):

This is a short, in-class exercise/demonstration/dramatization to help
introductory Federal Income Tax students understand the holding and
reasoning of First Norwest Industries of America, Inc. v. Commissioner,
649 F.2d 707 (9th Cir. 1981). Different students can be selected to
play the parts of the Narrator, Taxpayer, representatives of franchise
teams, the Tax Court and the Court of Appeals. Through this interactive
(and light-hearted) dialogue, students focus on the fact that property
purchased by a taxpayer has a cost basis under § 1012, and if that
property is sold, the excess of amount realized over adjusted basis is
the taxpayer’s gain (or loss). Colleagues are welcome to adapt the
materials for their own classroom use.