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Author Topic: NCAA investigations cont.  (Read 94787 times)

WhiteTrash

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Re: NCAA investigations cont.
« Reply #225 on: June 05, 2020, 09:33:07 PM »
Uhhh... what exactly does that have to do with tax exemption?  Not for profits are able to hire people you know.
What will be the difference between the New York Knicks and Marquette University? Why would one be taxed and one not?

Uncle Rico

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Re: NCAA investigations cont.
« Reply #226 on: June 05, 2020, 09:33:18 PM »
So basically, you have something against rich people, that's how i read it. LOL How egotistical are you?? You will have NOTHING to do with it. Zero. You crying about it on a message board will have ERO influence. I know you think it will, but it won't.

You know what's really ironic?? You continually bitch about(and you're far from the only one) "opressed" student athletes and how unfairly they are treated, yet, ironically we very rarely ever hear one student athlete say a word about it. Hmmm.

I have zero doubt I earn more than you.  I just happen to think the money generators deserve their fair share. 
“This is bar none atrocious.  Mitchell cannot shoot either.  What a pile of dung”

79Warrior

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Re: NCAA investigations cont.
« Reply #227 on: June 05, 2020, 11:28:30 PM »
I have zero doubt I earn more than you.  I just happen to think the money generators deserve their fair share.

And you think money generators have not received their “fair share”. Not even sure what that means. I have been paid extremely well in my career and while my taxes are high,  I don’t have much issue with that. I consider myself and my family extremely fortunate.

The Sultan of Semantics

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Re: NCAA investigations cont.
« Reply #228 on: June 06, 2020, 07:04:08 AM »
What will be the difference between the New York Knicks and Marquette University? Why would one be taxed and one not?

The Knicks have an owner and operates for the purpose of generating a profit.  Marquette University does not have an owner and serves an exempt purpose.

Now the University may have to pay unrelated business tax on the income generated by athletics, but that would be a change in IRS policy.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

WhiteTrash

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Re: NCAA investigations cont.
« Reply #229 on: June 06, 2020, 07:44:55 AM »
The Knicks have an owner and operates for the purpose of generating a profit.  Marquette University does not have an owner and serves an exempt purpose.

Now the University may have to pay unrelated business tax on the income generated by athletics, but that would be a change in IRS policy.
My understanding is the organization is either tax exempt or taxed. I could be wrong.

I'm meeting with my CPA on Monday and will ask that question.

The Sultan of Semantics

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Re: NCAA investigations cont.
« Reply #230 on: June 06, 2020, 08:00:45 AM »
My understanding is the organization is either tax exempt or taxed. I could be wrong.

I'm meeting with my CPA on Monday and will ask that question.


Tax exempt organizations pay taxes on income derived from their non-exempt purposes.  "Unrelated Business Income Tax"

https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

WhiteTrash

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Re: NCAA investigations cont.
« Reply #231 on: June 06, 2020, 10:10:41 AM »

Tax exempt organizations pay taxes on income derived from their non-exempt purposes.  "Unrelated Business Income Tax"

https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
That's good info.

That will be be good for the university as a whole,  the tax burden on the basketball team will hurt the non-revenue sports. 40% will go to taxes.

bilsu

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Re: NCAA investigations cont.
« Reply #232 on: June 06, 2020, 11:59:50 AM »
My understanding is the organization is either tax exempt or taxed. I could be wrong.

I'm meeting with my CPA on Monday and will ask that question.
Tax exempt organizations that have unrelated business income file a Form 990-T, which is an income tax return. For Wisconsin they file a Form 4-T.
Sale of advertising is one of the things that is defined as unrelated business. Real estate rental is generally unrelated business income. The big issue is how you allocate costs to unrelated business. The not-for-profit that has an unrelated business wants to allocate as much costs as possible to it, which is what the IRS can challenge.

You can also end up filing a 990-T, if you have limited partnership investments in your IRA. The K-1 form may show an income or loss under line 20 W. This is unrelated business income and is not allowed in an IRA. There is a $1,000 exemption for unrelated business income, so if the combined limited partnership unrelated business income totals a $1,000 or more you need to file a Form 990-T.

WhiteTrash

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Re: NCAA investigations cont.
« Reply #233 on: June 06, 2020, 03:09:27 PM »
Tax exempt organizations that have unrelated business income file a Form 990-T, which is an income tax return. For Wisconsin they file a Form 4-T.
Sale of advertising is one of the things that is defined as unrelated business. Real estate rental is generally unrelated business income. The big issue is how you allocate costs to unrelated business. The not-for-profit that has an unrelated business wants to allocate as much costs as possible to it, which is what the IRS can challenge.

You can also end up filing a 990-T, if you have limited partnership investments in your IRA. The K-1 form may show an income or loss under line 20 W. This is unrelated business income and is not allowed in an IRA. There is a $1,000 exemption for unrelated business income, so if the combined limited partnership unrelated business income totals a $1,000 or more you need to file a Form 990-T.
You obviously know this. It seems like it will be a huge issue for all schools. I can see an end to most non-revenue sports or higher tuition.

Dawson Rental

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Re: NCAA investigations cont.
« Reply #234 on: June 07, 2020, 01:32:24 PM »
You obviously know this. It seems like it will be a huge issue for all schools. I can see an end to most non-revenue sports or higher tuition.

Don’t discount the likelihood that Money spent on non-revenue sports would be tax deductible.

You actually have a degree from Marquette?

Quote from: muguru
No...and after reading many many psosts from people on this board that do...I have to say I'm MUCH better off, if this is the type of "intelligence" a degree from MU gets you. It sure is on full display I will say that.

WhiteTrash

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Re: NCAA investigations cont.
« Reply #235 on: June 07, 2020, 04:59:53 PM »
Don’t discount the likelihood that Money spent on non-revenue sports would be tax deductible.
That doesn't make sense based upon bilsu's post but maybe.

Herman Cain

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Re: NCAA investigations cont.
« Reply #236 on: June 07, 2020, 05:17:49 PM »
You obviously know this. It seems like it will be a huge issue for all schools. I can see an end to most non-revenue sports or higher tuition.

I think there is a somewhat of a misunderstanding/bad nomenclature when it comes to "non. -revenue" sports. It is all how one does the accounting .

If you go into the D3 or NAIA world, they can't add these sports ( all sports for that matter) fast enough. Their logic is these sports brings in full paying tuition students .

At the D1 level , many of the so called non revenue sports in fact serve the same function. They use the same facilities and bring in lots of student athletes well in excess of the allowable full scholarships. The schools with a long term point of view also look at these student athletes as potential large donors many years down the road.

Winning is overrated. The only time it is really important is in surgery and war.
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WhiteTrash

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Re: NCAA investigations cont.
« Reply #237 on: June 07, 2020, 06:29:36 PM »
I think there is a somewhat of a misunderstanding/bad nomenclature when it comes to "non. -revenue" sports. It is all how one does the accounting .

If you go into the D3 or NAIA world, they can't add these sports ( all sports for that matter) fast enough. Their logic is these sports brings in full paying tuition students .

At the D1 level , many of the so called non revenue sports in fact serve the same function. They use the same facilities and bring in lots of student athletes well in excess of the allowable full scholarships. The schools with a long term point of view also look at these student athletes as potential large donors many years down the road.
And MU ended wrestling because it was attracting so much money.

Football and basketball creates great opportunities for many.  If the players need to be compensated,  so be it, but the money in college sports will not increase. The money will be taken from somewhere.



Dawson Rental

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You actually have a degree from Marquette?

Quote from: muguru
No...and after reading many many psosts from people on this board that do...I have to say I'm MUCH better off, if this is the type of "intelligence" a degree from MU gets you. It sure is on full display I will say that.

brewcity77

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Re: NCAA investigations cont.
« Reply #241 on: July 25, 2020, 03:43:56 PM »
Rather than continuing in the Recruiting Thread, I'm going to try to redirect this conversation:

https://www.muscoop.com/index.php?topic=48207.msg1258714#msg1258714

Here's the last post on the topic, regarding Louisville's transgressions (Pitino specifically) not really harming the program:

Why should it?

I'm mixed on this. I have a hard time rationalizing this impacting players and coaches that had nothing to do with the program when Porcini's, the stripper parties, and the Bowen payment happened. But at the same time, what other measure is there but to punish the current program because you can't go back in time?

I guess the issue I see is that if there is no punishment for Louisville's past, there's no disincentive to other programs to keep them from doing the same. Regardless of the merit of the rules (I am in favor of NIL and players being able to profit while in school) the reality is that if a large portion of programs are playing by the rules and meeting accomplishments fairly, they are the ones actually being punished if Louisville and their ilk don't suffer repercussions.

As Galway said, vacated wins mean nothing, it doesn't give those wins back to the programs that lost. Nor do vacated bids get anyone else a place in the NCAA Tournament retroactively nor tourney shares. So rather than Louisville being punished for their actions, other programs are effectively punished by the NCAA's inaction. I think you have to punish the programs involved because the alternative is distributing that punishment to everyone that didn't cheat.
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Dawson Rental

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Re: NCAA investigations cont.
« Reply #242 on: August 09, 2020, 06:34:26 PM »
Fallout is here for Louisville. They just lost their top basketball commit for this year, top 35 forward Bryce Hopkins from Fenwick HS. Hopkins said he’s decommotting due to uncertainty over what sanctions are coming due to the Bowen affair. Louisville appealing again puts resolution off longer, and evidently felt he needed to reopen his recruitment while he would still have good options.
« Last Edit: August 09, 2020, 06:39:26 PM by 4everDawson »
You actually have a degree from Marquette?

Quote from: muguru
No...and after reading many many psosts from people on this board that do...I have to say I'm MUCH better off, if this is the type of "intelligence" a degree from MU gets you. It sure is on full display I will say that.

WhiteTrash

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Re: NCAA investigations cont.
« Reply #243 on: August 09, 2020, 08:33:41 PM »
Louisville is going to get hit hard but probably not as hard as required.

bilsu

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Re: NCAA investigations cont.
« Reply #244 on: August 09, 2020, 10:40:09 PM »
That's good info.

That will be be good for the university as a whole,  the tax burden on the basketball team will hurt the non-revenue sports. 40% will go to taxes.
The tax is only on the profit. Most college sports programs do not make money. Especially, if you remove the donations.

WhiteTrash

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Re: NCAA investigations cont.
« Reply #245 on: August 10, 2020, 04:05:46 PM »
The tax is only on the profit. Most college sports programs do not make money. Especially, if you remove the donations.
Wait, the media and some on this board claim that schools are making millions and not sharing with the student athletes. How can this be?

Dawson Rental

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Re: NCAA investigations cont.
« Reply #246 on: August 10, 2020, 04:32:18 PM »
Wait, the media and some on this board claim that schools are making millions and not sharing with the student athletes. How can this be?

They pay it out to coaches. And they spend on non-revenue sports.  Administrators make good money too.
« Last Edit: August 10, 2020, 04:33:50 PM by 4everDawson »
You actually have a degree from Marquette?

Quote from: muguru
No...and after reading many many psosts from people on this board that do...I have to say I'm MUCH better off, if this is the type of "intelligence" a degree from MU gets you. It sure is on full display I will say that.

Uncle Rico

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Re: NCAA investigations cont.
« Reply #247 on: August 10, 2020, 04:45:32 PM »
They pay it out to coaches. And they spend on non-revenue sports.  Administrators make good money too.

Don’t forget the facilities.  The facilities arm race is something else
“This is bar none atrocious.  Mitchell cannot shoot either.  What a pile of dung”

WhiteTrash

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Re: NCAA investigations cont.
« Reply #248 on: August 10, 2020, 04:47:56 PM »
They pay it out to coaches. And they spend on non-revenue sports.  Administrators make good money too.
Okay, the schools are not making millions of dollars. Got it. I guess I was reading fake news. Not surprising.

The whole problem here is that the media and other people think UCSB and Toledo are Alabama and Notre Dame. That the 10th man on NJIT is the same as Zion Williams.

Men's FB and Basketball generate huge revenue because we follow our teams and they help support great non-revenue athletes who add to our schools and society as a whole.

The Sultan of Semantics

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Re: NCAA investigations cont.
« Reply #249 on: August 10, 2020, 04:53:50 PM »

The whole problem here is that the media and other people think UCSB and Toledo are Alabama and Notre Dame. That the 10th man on NJIT is the same as Zion Williams.



Ah yes. “The media.”

And I really doubt “the media” believes this anyway.
“True patriotism hates injustice in its own land more than anywhere else.” - Clarence Darrow

 

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