Sean Miller / Arizona

[rocklloyd]

How much does this cost you these days? Eh Sean?? No idea what Book did to get you this kid either, I bet.

Looks like me when I set our hoop at 7' for the kids.

As an aside, Almost broke my nose the first time I dunked at 7'. Ball came throough hoop and smacked me right in face. You could tell it was my first time.

 

[texascpa]

I think people are over-rating the tax evasion angle here some. Even if they have someone dead to rights on taking 100k and not reporting it my guess would be that 95 percent of cases settle with a fine and maybe some probation. I would be shocked if a first time offender ever went to jail under those circumstances. The smart ones can probably even amend their old returns and deal with this proactively.

Well, it also depends on if the IRS deems it a gift or a payment for services. If gift, it's not even taxable to the family.

 

[Rage4CUSE]

Well, it also depends on if the IRS deems it a gift or a payment for services. If gift, it's not even taxable to the family.

Can it be considered a gift if it happens during illegal activity?

 

[texascpa]

Can it be considered a gift if it happens during illegal activity?

Giving a player money is not illegal though. That said, I would think since the money came from Adidas using dubious accounting (falsifying the invoice), the IRS should (but probably won't) consider it an illegal payment and a payment for services. Technically, since the payment came from Adidas, Adidas has an obligation to secure a W9 from the payee (the athlete) and without it, Adidas is supposed to withhold 28% for backup withholding. I'm sure that didn't happen either.

I can tell you one thing, Adidas' external auditors are going to rack up a stuff-ton of fees as they scour the books for more falsifications.

 

[Fly Rodder]

Giving a player money is not illegal though

And that's the thing with some of these guys. The illegal stuff is shoe company books and slush funds. The FBI doesn't really give a hoot about players getting a bag or basketball coaches knowing or not knowing about it - that's the NCAA and they sure as heck want to see the status quo preserved. Thus far, they've been pretty quiet on the whole thing. Emmert won't let the house fall on his watch.

 

[retro44]

And that's the thing with some of these guys. The illegal stuff is shoe company books and slush funds. The FBI doesn't really give a hoot about players getting a bag or basketball coaches knowing or not knowing about it - that's the NCAA and they sure as heck want to see the status quo preserved. Thus far, they've been pretty quiet on the whole thing. Emmert won't let the house fall on his watch.

Actually I think the IRS would care about Bag money,especially at some of the numbers we keep hearing or have heard about in the past.

 

[reedny]

Well, it also depends on if the IRS deems it a gift or a payment for services. If gift, it's not even taxable to the family.

But that's not an easy out. For a basketball recruit or his family member, it's not like the $150,000 came out of the blue. It was pretty obviously received in exchange for a promise to attend a school, not as a "gift". Plus they'd have to file a 709 .. no tax, but still reporting requirements about the donor.

 

[Subob1]

But that's not an easy out. For a basketball recruit or his family member, it's not like the $150,000 came out of the blue. It was pretty obviously received in exchange for a promise to attend a school, not as a "gift". Plus they'd have to file a 709 .. no tax, but still reporting requirements about the donor.

I think the annual limit for non taxable gifts is $14,000 per person. Anything above that amount is taxable. I suppose they could argue it was $14,000 for each person in the family of the recruit but it really strains credulity.

 

[reedny]

I think the annual limit for non taxable gifts is $14,000 per person. Anything above that amount is taxable. I suppose they could argue it was $14,000 for each person in the family of the recruit but it really strains credulity.

As Tex will tell you, $14K is the limit without the form (709), but it doesn't mean a (gift) tax is due. There's a lifetime exemption, which the gift has to exceed for a tax to apply. Still, the form would have to be filed and the gift requirements met -- an unlikely path for someone who takes a bag of money to chose a school.

 

[OrangeXtreme]

 

[Cusesky8214]

Sounds like he doesn't expect to be fired

 

[4evaOrange]

That's a confident statement right there.

:vomit:

 

[realorange]

For some reason, maybe sanity, Sean's statement has a far more honest ring to it than Pitino's.

 

[cuseinseattle]

Sounds like he doesn't expect to be fired

Book must have sent him a text and said don't worry Sean I'm going to eat the full meal. Kind of reminds of Weebay in season one of the wire. I can picture Book telling the FBI, "For some potato salad and a pit sandwich I can go a few more."

 

[cuseinseattle]

For some reason, maybe sanity, Sean's statement has a far more honest ring to it than Pitino's.

It is probably because you know too much about Rick to believe anything he says.

 

[orange79]

Sounds like a classic Watergate non-denial denial.

 

[Dave85]

Thank God we don't have any 5-star recruits...what am I saying!!!!

 

[DoctorBombay]

Sounds like a classic Watergate non-denial denial.

Yup. He never fully addresses the issues, but gives a vague, indirect response that works to cover his a s s. Therefore if anything solid pops, he can feign ignorance and take whatever follows. Well played...for now.

 

[realorange]

I would still give Sean the benefit of the doubt as he has had nothing in his past that I'm aware of that would put him in the Petino, Pearl, etc. category.

 

[jr4750]

 

[SUintheVille]

I would still give Sean the benefit of the doubt as he has had nothing in his past that I'm aware of that would put him in the Petino, Pearl, etc. category.

That's the thing. We are not aware of a lot of things that may be going on with coaches, they just seem fine on the surface. Many probably are, some obviously are not.

 

[themorey]

Sounds a lot like a lack of institutional control.

 

[SUbear]

Well, it also depends on if the IRS deems it a gift or a payment for services. If gift, it's not even taxable to the family.

We are talking about this case, and a gift does not apply at all. Even gifts to family members have an upper limit for what is non taxable.

 

[cuseinseattle]

Sounds a lot like a lack of institutional control.

They need to remove all of Miller's wins when he had Book as an assistant. I think that is just about all of them. Also they need to take down their elite 8 banners. I was going to say final 4 banners but well you know.

 

[retro44]

As Tex will tell you, $14K is the limit without the form (709), but it doesn't mean a (gift) tax is due. There's a lifetime exemption, which the gift has to exceed for a tax to apply. Still, the form would have to be filed and the gift requirements met -- an unlikely path for someone who takes a bag of money to chose a school.

The Gift Tax
Presumably you already paid taxes on the money you're giving at the time you earned it. If your generosity qualifies as a gift with the IRS, you'll have to pay taxes twice on the amount that exceeds the exclusion: once in income tax, then again for the federal gift tax. The 2012 federal gift tax rate is 35 percent. If you're single, your $37,000 gift will cost you $12,950 in taxes. If you're married and you only exceeded the exclusion by $24,000, you'd owe the IRS $8,400. Gifting money over the exclusion limits requires filing Form 709 with the IRS along with your return.