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PostPosted: Thu Sep 28, 2017 8:57 pm 
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windywave wrote:
NJwave wrote:
windywave wrote:
NJwave wrote:
ml wave wrote:
GreenieBacker wrote:
as ml wrote, in the end the criminal(?) charges may "only" involve unreported income to the IRS. Still, what fun reading its been!

Lucky for this Bowen kid he got his $ this year...still plenty of time to report it!


As the recipient, I think a good lawyer for make the argument that is a gift and therefore not taxable income.

Coaches getting bribed should be reporting it as income as I don't think you can make the same argument.


14K limit and arguing that there was no quid pro quo is specious


14K is for person making the gift. Anything above is greater then annual exclusion and the person making the gift uses up some of their lifetime exclusion. Recipient of a gift does not pay taxes.

I agree on your second point. Is it a gift or compensation for doing something (playing basketball at Louisville)?


So if a company gifted me 100K to take my talents there, I could argue it wasn't a payment?

Sounds legit to me. No taxes!

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PostPosted: Thu Sep 28, 2017 9:24 pm 
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gerryb323 wrote:
windywave wrote:
NJwave wrote:
windywave wrote:
NJwave wrote:
ml wave wrote:
GreenieBacker wrote:
as ml wrote, in the end the criminal(?) charges may "only" involve unreported income to the IRS. Still, what fun reading its been!

Lucky for this Bowen kid he got his $ this year...still plenty of time to report it!


As the recipient, I think a good lawyer for make the argument that is a gift and therefore not taxable income.

Coaches getting bribed should be reporting it as income as I don't think you can make the same argument.


14K limit and arguing that there was no quid pro quo is specious


14K is for person making the gift. Anything above is greater then annual exclusion and the person making the gift uses up some of their lifetime exclusion. Recipient of a gift does not pay taxes.

I agree on your second point. Is it a gift or compensation for doing something (playing basketball at Louisville)?


So if a company gifted me 100K to take my talents there, I could argue it wasn't a payment?

Sounds legit to me. No taxes!


Signing bonus and definately taxable. Corporations can't make non-taxable gifts outside of something like a turkey.

I think kid loses, but my argument would be assistant coach made a personal gift. Kid was never told money meant he had to sign. Again, hard to buy but I would make the argument.


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PostPosted: Thu Sep 28, 2017 10:50 pm 
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NJwave wrote:
gerryb323 wrote:
windywave wrote:
NJwave wrote:
windywave wrote:
NJwave wrote:
ml wave wrote:
GreenieBacker wrote:
as ml wrote, in the end the criminal(?) charges may "only" involve unreported income to the IRS. Still, what fun reading its been!

Lucky for this Bowen kid he got his $ this year...still plenty of time to report it!


As the recipient, I think a good lawyer for make the argument that is a gift and therefore not taxable income.

Coaches getting bribed should be reporting it as income as I don't think you can make the same argument.


14K limit and arguing that there was no quid pro quo is specious


14K is for person making the gift. Anything above is greater then annual exclusion and the person making the gift uses up some of their lifetime exclusion. Recipient of a gift does not pay taxes.

I agree on your second point. Is it a gift or compensation for doing something (playing basketball at Louisville)?


So if a company gifted me 100K to take my talents there, I could argue it wasn't a payment?

Sounds legit to me. No taxes!


Signing bonus and definately taxable. Corporations can't make non-taxable gifts outside of something like a turkey.

I think kid loses, but my argument would be assistant coach made a personal gift. Kid was never told money meant he had to sign. Again, hard to buy but I would make the argument.

There's still a limit to a nontaxable gift one can receive, no?

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PostPosted: Fri Sep 29, 2017 6:13 am 
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gerryb323 wrote:
NJwave wrote:
gerryb323 wrote:
windywave wrote:
NJwave wrote:
windywave wrote:
NJwave wrote:
ml wave wrote:
GreenieBacker wrote:
as ml wrote, in the end the criminal(?) charges may "only" involve unreported income to the IRS. Still, what fun reading its been!

Lucky for this Bowen kid he got his $ this year...still plenty of time to report it!


As the recipient, I think a good lawyer for make the argument that is a gift and therefore not taxable income.

Coaches getting bribed should be reporting it as income as I don't think you can make the same argument.


14K limit and arguing that there was no quid pro quo is specious


14K is for person making the gift. Anything above is greater then annual exclusion and the person making the gift uses up some of their lifetime exclusion. Recipient of a gift does not pay taxes.

I agree on your second point. Is it a gift or compensation for doing something (playing basketball at Louisville)?


So if a company gifted me 100K to take my talents there, I could argue it wasn't a payment?

Sounds legit to me. No taxes!


Signing bonus and definately taxable. Corporations can't make non-taxable gifts outside of something like a turkey.

I think kid loses, but my argument would be assistant coach made a personal gift. Kid was never told money meant he had to sign. Again, hard to buy but I would make the argument.

There's still a limit to a nontaxable gift one can receive, no?


No. The recipient of a gift is not taxed. Any "gift tax" is paid by the person making the gift once he or she has exceeded the lifetime exclusion.


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PostPosted: Fri Sep 29, 2017 7:15 am 
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NJwave wrote:
gerryb323 wrote:
NJwave wrote:
gerryb323 wrote:
windywave wrote:
NJwave wrote:
windywave wrote:
NJwave wrote:
ml wave wrote:
GreenieBacker wrote:
as ml wrote, in the end the criminal(?) charges may "only" involve unreported income to the IRS. Still, what fun reading its been!

Lucky for this Bowen kid he got his $ this year...still plenty of time to report it!


As the recipient, I think a good lawyer for make the argument that is a gift and therefore not taxable income.

Coaches getting bribed should be reporting it as income as I don't think you can make the same argument.


14K limit and arguing that there was no quid pro quo is specious


14K is for person making the gift. Anything above is greater then annual exclusion and the person making the gift uses up some of their lifetime exclusion. Recipient of a gift does not pay taxes.

I agree on your second point. Is it a gift or compensation for doing something (playing basketball at Louisville)?


So if a company gifted me 100K to take my talents there, I could argue it wasn't a payment?

Sounds legit to me. No taxes!


Signing bonus and definately taxable. Corporations can't make non-taxable gifts outside of something like a turkey.

I think kid loses, but my argument would be assistant coach made a personal gift. Kid was never told money meant he had to sign. Again, hard to buy but I would make the argument.

There's still a limit to a nontaxable gift one can receive, no?


No. The recipient of a gift is not taxed. Any "gift tax" is paid by the person making the gift once he or she has exceeded the lifetime exclusion.

Good thing I don't do tax work!

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PostPosted: Sat Sep 30, 2017 8:23 am 
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PostPosted: Sat Sep 30, 2017 9:51 am 
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OGSB wrote:
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:mrgreen: :mrgreen:


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PostPosted: Sat Sep 30, 2017 12:30 pm 
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OGSB wrote:
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I saw that bracket meme on Facebook the night the story broke. I forwarded it to a friend and he said, "that bracket's gonna get larger." I said, "yup, but the FBI will still cut down the nets."


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PostPosted: Sun Oct 01, 2017 10:39 am 
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Louisville to face recruiting difficulties ....

https://twitter.com/OnionSports/status/914497642603806721


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PostPosted: Fri Oct 06, 2017 11:12 am 
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Now they're saying Pitino himself was keeping most of the money that the school was supposed to get from the shoe deal.
http://www.msn.com/en-us/sports/ncaabk/ ... li=BBnb4R7

Anyone want to bet the next thing uncovered will be massive gambling debts - for which this money was used - to people tied to the mob?


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PostPosted: Fri Oct 06, 2017 11:59 am 
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PeteRasche wrote:
Now they're saying Pitino himself was keeping most of the money that the school was supposed to get from the shoe deal.
http://www.msn.com/en-us/sports/ncaabk/ ... li=BBnb4R7

Anyone want to bet the next thing uncovered will be massive gambling debts - for which this money was used - to people tied to the mob?


I'm going hush money to cover many extra-marital affairs. Shortly after that comes to light he will issue a mea culpa claiming to be a sex addict but maintaining he didn't know about the strippers.


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PostPosted: Fri Oct 06, 2017 3:13 pm 
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NJwave wrote:
PeteRasche wrote:
Now they're saying Pitino himself was keeping most of the money that the school was supposed to get from the shoe deal.
http://www.msn.com/en-us/sports/ncaabk/ ... li=BBnb4R7

Anyone want to bet the next thing uncovered will be massive gambling debts - for which this money was used - to people tied to the mob?


I'm going hush money to cover many extra-marital affairs. Shortly after that comes to light he will issue a mea culpa claiming to be a sex addict but maintaining he didn't know about the strippers.
Don’t forget counseling. They always are undergoing counseling.

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PostPosted: Mon Oct 09, 2017 11:44 am 
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PeteRasche wrote:
Now they're saying Pitino himself was keeping most of the money that the school was supposed to get from the shoe deal.
http://www.msn.com/en-us/sports/ncaabk/ ... li=BBnb4R7

Anyone want to bet the next thing uncovered will be massive gambling debts - for which this money was used - to people tied to the mob?

He got the money because he had a personal services contract with Adidas and Adidas' deal with Louisville allowed them to credit payments to coaches as part of their payment to the university. It's bad optics but it's not like Pitino just decided to take money that was supposed to go elsewhere.


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