Interesting Day Ahead...

[MUCam]

I don't think you are correct.  The gift giver pays the tax, not the recipient.  The limit you're citing is the limit that the giver can gift without paying taxes.  I believe that there is no limit to the amount that can be received.  So, this would be an issue for the people who payed the athlete's family, and not necessarily for the family.  At least that's the potential argument.

You guys are close. The total amount you can give away per year is $14,000  to any one specific individual without having to fill out a nice gift tax form (with some exceptions) or pay a tax. Then, there is the lifetime exclusion, which allows you to give out over $5,000,000 million (5.49 to be exact) over your lifetime. However, every penny you give away reduces the amount you can give away free of taxes from your estate when you kick the bucket. So, in exchange for nice ballers at your university of choice, you may be screwing the little you's or other beneficiaries floating around in the world. It might be advisable to see if your little you's can ball before giving away moola.

So, if you GAVE $100,000 to a certain baller, you would file a tax return in the amount of $86,000 but you wouldn't be taxed as long as it is deducted from your life-time exclusion. Now, if you've been giving away LOTS of money over time to LOTS of ballers, and you get near the $5,000,000 million mark in your life, you may veer near paying taxes. So, please take care when providing numerous gifts to numerous ballers.

As an aside, I don't like the IRS so I file gift tax returns on everything I give, just to make their life interesting. That includes candy bars, greeting cards, pencils, and just about everything else other than hugs. Hugs are free. Note: A hug isn't a hug unless its ten seconds long, and it isn't legit unless its thirty seconds long.

Pitino needs a hug.

In sum - If you give a baller $100,000 to attend a certain coach's university, you may end up owing that coach a tax free hug down the line.

**DISCLAIMER: Nothing in this posting is intended to serve as tax advice and anyone seeking actual tax advice should employ the services of a tax specialist, unlike myself. Further, this writer limits any and all liability associated from any hug that lasts thirty seconds long. "Legit" hugs should be undertaken with great care and caution. Finally, Rick Pitino is slimy. Don't hug him.

[Tugg Speedman]

You guys are close. The total amount you can give away per year is $14,000  to any one specific individual without having to fill out a nice gift tax form (with some exceptions) or pay a tax. Then, there is the lifetime exclusion, which allows you to give out over $5,000,000 million (5.49 to be exact) over your lifetime. However, every penny you give away reduces the amount you can give away free of taxes from your estate when you kick the bucket. So, in exchange for nice ballers at your university of choice, you may be screwing the little you's or other beneficiaries floating around in the world. It might be advisable to see if your little you's can ball before giving away moola.

So, if you GAVE $100,000 to a certain baller, you would file a tax return in the amount of $86,000 but you wouldn't be taxed as long as it is deducted from your life-time exclusion. Now, if you've been giving away LOTS of money over time to LOTS of ballers, and you get near the $5,000,000 million mark in your life, you may veer near paying taxes. So, please take care when providing numerous gifts to numerous ballers.

As an aside, I don't like the IRS so I file gift tax returns on everything I give, just to make their life interesting. That includes candy bars, greeting cards, pencils, and just about everything else other than hugs. Hugs are free. Note: A hug isn't a hug unless its ten seconds long, and it isn't legit unless its thirty seconds long.

Pitino needs a hug.

In sum - If you give a baller $100,000 to attend a certain coach's university, you may end up owing that coach a tax free hug down the line.

**DISCLAIMER: Nothing in this posting is intended to serve as tax advice and anyone seeking actual tax advice should employ the services of a tax specialist, unlike myself. Further, this writer limits any and all liability associated from any hug that lasts thirty seconds long. "Legit" hugs should be undertaken with great care and caution. Finally, Rick Pitino is slimy. Don't hug him.

It's not a gift, it's payment for services. He's given money and is expected to go to Louisville and play on the basketball team. He's not given money and expected to do nothing in return. Therefore it is income.

Is he breaking tax laws if he doesn't report properly, yes. Did Reggie Bush break tax laws, yes. But they chose not to prosecute Bush and they may choose not to prosecute Bowen. But choosing not to prosecute him doesn't mean he didn't break the law.

[warriorchick]

It's not a gift, it's payment for services. He's given money and is expected to go to Louisville and play on the basketball team. He's not given money and expected to do nothing in return. Therefore it is income.

Exactly.  Give the IRS a little credit for being able to see through this type of scheme. 

Don't think that before now, people have never tried the old, "Out of the kindness of his heart, this person voluntarily helps me out every day at my business, and because I am so grateful, I give him a gift of cash every Friday".

[Dish]

Bama Associate AD resigned this afternoon, after Bama did an internal audit on men's basketball today. He used to work for the NCAA Enforcement Division.

Can't make this stuff up.

[MUCam]

It's not a gift, it's payment for services. He's given money and is expected to go to Louisville and play on the basketball team. He's not given money and expected to do nothing in return. Therefore it is income.

Is he breaking tax laws if he doesn't report properly, yes. Did Reggie Bush break tax laws, yes. But they chose not to prosecute Bush and they may choose not to prosecute Bowen. But choosing not to prosecute him doesn't mean he didn't break the law.

Oh, I know. I just wanted to work a way to inform everyone that Rick Pitino is slimy (common knowledge) and that you should not give him a hug (perhaps not so common knowledge; see Karen Sypher).

The wonderful earlier posters were discussing IF it were considered a gift, what would the tax implications be. So, I used my intricate knowledge of meaningless facts to attempt to assist them. I wasn't suggesting it would truly be considered a gift. Frankly, it is not. Now a hug, well that is a different thing altogether.

I am also prepared to discuss, with as little expertise or knowledge, thermodynamics, the rules of the sport of cricket, first amendment constitutional law, the migratory patterns of Canadian geese, how to make a roux, Bernard Hinault, the evolution of the clock, and The Great Pig War, among other items. 

Cheers!

[mug644]

Oh, I know. I just wanted to work a way to inform everyone that Rick Pitino is slimy (common knowledge) and that you should not give him a hug (perhaps not so common knowledge; see Karen Sypher).

The wonderful earlier posters were discussing IF it were considered a gift, what would the tax implications be. So, I used my intricate knowledge of meaningless facts to attempt to assist them. I wasn't suggesting it would truly be considered a gift. Frankly, it is not. Now a hug, well that is a different thing altogether.

I am also prepared to discuss, with as little expertise or knowledge, thermodynamics, the rules of the sport of cricket, first amendment constitutional law, the migratory patterns of Canadian geese, how to make a roux, Bernard Hinault, the evolution of the clock, and The Great Pig War, among other items. 

Cheers!

What's the airspeed velocity of an unladen swallow?

[StillAWarrior]

What's the airspeed velocity of an unladen swallow?

African or European?

[mug644]

African or European?

Huh? I don't know that. [Troll catapulted away with a scream.]


Well done. https://www.youtube.com/watch?v=y2R3FvS4xr4

[nyg]

https://www.azdesertswarm.com/platform/amp/basketball/2017/9/27/16376992/arizona-wildcats-basketball-allegedly-offered-recruit-150000-fbi-documents-charges-book-richardson

Arizona.....if true, this will get really interesting.

[forgetful]

https://www.azdesertswarm.com/platform/amp/basketball/2017/9/27/16376992/arizona-wildcats-basketball-allegedly-offered-recruit-150000-fbi-documents-charges-book-richardson

Arizona.....if true, this will get really interesting.

Also interesting that apparently Quinerly was paid to commit to Arizona.  Things do not look good in the desert.

[Marcus92]

Another good article on the unfolding scandal, this one from ESPN. A few of my favorite excerpts:

When Dawkins mentioned they'd have to be careful because the Cardinals were already on NCAA probation, the Louisville assistant agreed. "We gotta be very low-key," he said.

Sure, sure, it's all good as long as you're low-key about it.

"If we take care of everybody and everything is done, we control everything," Dawkins boasted to an undercover agent. "You can make millions off of one kid."

In under 25 words, this guy just made the prosecution's conspiracy case.

Dawkins told the undercover agent he was in the process of drafting agreements for the parents they were already paying. "Obviously, we have to put funding out, and obviously some of it can't be completely accounted for on paper because some of it is, whatever you want to call it, illegal," he said.

Whatever you want to call it. In this case, federal money laundering.

http://www.espn.com/mens-college-basketball/story/_/id/20834050/the-story-how-fbi-brought-words-corruption

[tower912]

https://www.washingtonpost.com/sports/colleges/how-college-hoops-corruption-became-a-federal-investigation-and-why-it-might-get-bigger/2017/09/27/dfdfa6e0-a3d6-11e7-ade1-76d061d56efa_story.html?tid=sm_tw&utm_term=.09a172f5cfec

This isn't going to get smaller.   

[rocky_warrior]

and The Great Pig War, among other items. 

The pig war is an amazing topic.  Probably worth a superbar thread.  And I'm 100% serious about that. 

[Tugg Speedman]

http://www.espn.com/mens-college-basketball/story/_/id/20838495/louisville-brian-bowen-suspended-indefinitely-withheld-practices-workouts
http://es.pn/2xG7u3b

Bowen suspended indefinitely at Louisville.

He is number 14 on ESPN top 100 for 2017.

How toxic is he?  He will now transfer, how difficult would it be for a Michigan State (his other finalist) or even an MU to pick him up?

[Dawson Rental]

Haven't seen his name posted, but Thad Matta is another possibility.

Matta no matta

[Dawson Rental]

http://www.espn.com/mens-college-basketball/story/_/id/20838495/louisville-brian-bowen-suspended-indefinitely-withheld-practices-workouts
http://es.pn/2xG7u3b

Bowen suspended indefinitely at Louisville.

He is number 14 on ESPN top 100 for 2017.

How toxic is he?  He will now transfer, how difficult would it be for a Michigan State (his other finalist) or even an MU to pick him up?

He might be easy to pickup, but I'm guessing he'll be very difficult to get eligible with the NCAA.

[Charlotte Warrior]

https://www.washingtonpost.com/sports/colleges/how-college-hoops-corruption-became-a-federal-investigation-and-why-it-might-get-bigger/2017/09/27/dfdfa6e0-a3d6-11e7-ade1-76d061d56efa_story.html?tid=sm_tw&utm_term=.09a172f5cfec

This isn't going to get smaller.

Pitino, and probably some other big names are going to be headed to jail.....   Lots of people are going to sing as self preservation.   I don't think too many coaches are sleeping real well right now.   I follow Buzz on twitter and he hasn't even mentioned any of it.   Interesting.

[GGGG]

He might be easy to pickup, but I'm guessing he'll be very difficult to get eligible with the NCAA.

My guess is that he will be playing D-League this year.

[tower912]

Here is the thing that strikes me.    I don't think that anybody ever believed that it rose to being a criminal offense.    Yes, it was dirty, but it was widespread and pervasive.    Now it turns out it is a criminal offense.    And, while it is true that there are far bigger fish to fry out there and far more destructive crimes, the federales have turned their attention toward it.   And the prospect of 20 years in prison is going to cause a lot of these coaches, shoe reps, agents to sing.   So, I am not going to rest easy about MU's involvement, current or past, for probably a year.   Because this is just the first boulder coming down that snow covered mountain.   

[MDMU04]

Forget the shoe companies and major programs here for a minute.  What if the NCAA is the real big fish that the feds are after here?

What are the odds that all of this money being thrown around hasn't made it up the food chain to NCAA officials to look the other way?  This has gone on for decades and very rarely has anything come of it.  Why is that?

Proof would be difficult, but if they knock on enough doors one would think they'd eventually find it.

The consequences of that could be staggering.

[Dawson Rental]

Forget the shoe companies and major programs here for a minute.  What if the NCAA is the real big fish that the feds are after here?

What are the odds that all of this money being thrown around hasn't made it up the food chain to NCAA officials to look the other way?  This has gone on for decades and very rarely has anything come of it.  Why is that?

Proof would be difficult, but if they knock on enough doors one would think they'd eventually find it.

The consequences of that could be staggering.

[blikemike2]

https://www.chatsports.com/kansas-jayhawks/a/sources-adidas-was-trying-steer-five-star-2018-recruit-kansas-35608


If true could/would Adidas act on a recruit without knowledge of the university????

[TAMU, Knower of Ball]

Here is the thing that strikes me.    I don't think that anybody ever believed that it rose to being a criminal offense.    Yes, it was dirty, but it was widespread and pervasive.    Now it turns out it is a criminal offense.    And, while it is true that there are far bigger fish to fry out there and far more destructive crimes, the federales have turned their attention toward it.   And the prospect of 20 years in prison is going to cause a lot of these coaches, shoe reps, agents to sing.   So, I am not going to rest easy about MU's involvement, current or past, for probably a year.   Because this is just the first boulder coming down that snow covered mountain.

The interesting thing to me is that this has happened before.

https://sports.yahoo.com/former-aau-basketball-coach-says-wrapped-college-basketball-scandal-will-flip-feds-034806204.html

This guy spent 37 months in prison for what sounds like a similar situation. It didn't snowball because he was the only arrest and he refused to name names. One would think this case would have been at least a warning that there could be criminal laws being broken here.

[Sheriff]

Do you have an alternative explanation for the numerous examples of investigative and enforcement inequities by NCAA over the years?

[TAMU, Knower of Ball]

https://www.chatsports.com/kansas-jayhawks/a/sources-adidas-was-trying-steer-five-star-2018-recruit-kansas-35608


If true could/would Adidas act on a recruit without knowledge of the university????

I am skeptical of any article that contains the words "sources told Chat Sports exclusively" in it. If you're going to break a story, why would you go to chat sports?

That being said, if Adidas was willing to shell out 100K for the #19 ranked 2017 player to go to Louisville, It stands to reason that they would be willing to throw money at the #1 ranked player (whose AAU team is Adidas) to go to Kansas.

As for the school knowing, of course they would know if it was happening. However they may have set up some plausible deniability.

Anyone tweet this article to Grimes yet?