Looks like me when I set our hoop at 7' for the kids.
Can it be considered a gift if it happens during illegal activity?
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.
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.
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.
For some reason, maybe sanity, Sean's statement has a far more honest ring to it than Pitino's.
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."
It is probably because you know too much about Rick to believe anything he says.
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.
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.
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.Sounds a lot like a lack of institutional control.
The Gift Tax
