Zion got paid to go to Duke

[OttoinGrotto]

Do you even know what rico is? Clearly not. Whats the pattern of racketeering activity that the parents did?

I learned everything I know about RICO from Better Call Saul, so, I mean, I feel like I could bring an expert opinion to the discussion.

 

[reedny]

It's $15k now, and has been since 2018.
Google is your friend.

Thank you. I was thinking Capt. could correct me, but you'll do! (last time I had to check was around 2018 so it makes sense). The annual limit is on an index - increasing every year or so, like the lifetime exemption.

 

[Zelda Zonk]

To all you wannabe accountants/financial planners:
what's the deal with those "$1" transactions? Where someone wants to give someone something of real value, but in order to transfer ownership legally(?), they ask for a buck. You see that a lot on tv, with attorneys taking a dollar to 'lock in client-attorney privileges,' but i'm sure i used to see it with an exchange of property for titles—cars, land, etc? So, for the purposes of taxes, if you buy something worth 10,000 for $1.00, you have to declare the value somewhere as $10,000?

Re: the Zion sitch—if someone gives the family an apartment for a year, the family is supposed to declare that on their taxes as an income amount of 12 x $Rent?

When we talk of a player 'getting a bag,' aren't we talking about Cash? I thought the Fedex/check days were over. So, what's the Zion family's liability if they get a briefcase? Someone on the giving side has to contribute testimony that that's what they were given? And show some sort of 'receipt?' Which would only show a withdrawal amount, not what was actually given.

I dunno—just rambling over permutations, and maybe hoping i can use some of this info in a screenplay down the line...

 

[dollarbill44]

To all you wannabe accountants/financial planners:
what's the deal with those "$1" transactions? Where someone wants to give someone something of real value, but in order to transfer ownership legally(?), they ask for a buck. You see that a lot on tv, with attorneys taking a dollar to 'lock in client-attorney privileges,' but i'm sure i used to see it with an exchange of property for titles—cars, land, etc? So, for the purposes of taxes, if you buy something worth 10,000 for $1.00, you have to declare the value somewhere as $10,000?

Re: the Zion sitch—if someone gives the family an apartment for a year, the family is supposed to declare that on their taxes as an income amount of 12 x $Rent?

When we talk of a player 'getting a bag,' aren't we talking about Cash? I thought the Fedex/check days were over. So, what's the Zion family's liability if they get a briefcase? Someone on the giving side has to contribute testimony that that's what they were given? And show some sort of 'receipt?' Which would only show a withdrawal amount, not what was actually given.

I dunno—just rambling over permutations, and maybe hoping i can use some of this info in a screenplay down the line...

The IRS estimates unreported income based on purchases made during the year to prosecute tax evasion. A very simple example, if Zion's mom bought a new car for 50k and reported income of 40k and she didn't have any savings and didn't finance the other 10k, they can estimate she had 10k of unreported income.
I believe that's how they got Al Capone.

 

[Zelda Zonk]

The IRS estimates unreported income based on purchases made during the year to prosecute tax evasion. A very simple example, if Zion's mom bought a new car for 50k and reported income of 40k and she didn't have any savings and didn't finance the other 10k, they can estimate she had 10k of unreported income.
I believe that's how they got Al Capone.

Right, i get that (with slightly different math), but how do they know if someone else pays your rent for a year? I think you only enter rent as an expense on taxes if you use the place (in part or whole) for business. How do they know, without investigating, that you are driving a $50k car that you only paid $1 for? If you're under investigation, i suppose they can ascertain what you're driving at that time. If you weren't, it seems it would take some pretty invasive measures to find out. And again, is it legal to buy a $50k car for $1? Let's say someone buys a car, and gives it to you, and you pay the title transfer fee. You have to report the 'gift' of $50,000? Is there a legal responsibility to pay the bluebook value?

I just read about a musical instrument retailer selling products as "open box" at discounts, but the products received by the customers were actually brand new. But, the 'open box' designation allowed the seller to sell at prices below the manufacturer's stipulations. Like, it just seems like there are ways to get around everything.

 

[maxxyz]

Do you even know what rico is? Clearly not. Whats the pattern of racketeering activity that the parents did?

Not the parents. The handlers, shoe reps, aau coaches. Conspiring to hide pay to players an failure to declare & file federal & state income tax.

 

[721Comstock]

Thank you. I was thinking Capt. could correct me, but you'll do! (last time I had to check was around 2018 so it makes sense). The annual limit is on an index - increasing every year or so, like the lifetime exemption.

Actually, no.
It doesn’t “increase every year or so” -
or else it wouldn’t have remained at $15k for 3 straight years.

$14k was 2017 and back to 2013.

Again, Google = friend.

In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift.
The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000.
For 2018, 2019, and 2020, the annual exclusion is $15,000.

 

[jgeorge322]

Not the parents. The handlers, shoe reps, aau coaches. Conspiring to hide pay to players an failure to declare & file federal & state income tax.

After the sdny already embarrassed itself, wouldn’t expect it. Perceptions do matter.

 

[reedny]

Actually, no.
It doesn’t “increase every year or so” -
or else it wouldn’t have remained at $15k for 3 straight years.

$14k was 2017 and back to 2013.

Again, Google = friend.

In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift.
The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000.
For 2018, 2019, and 2020, the annual exclusion is $15,000.

LOL, the captious Mr. G. This is way off track with the thread yet you can't stop. I said "around" 2018 ... because the 2017 gift I was referring required a return - which was done in 2018. The limit was $14k (and correct it's now $15k). However, the specific annual number that changes periodically (like that better?) was not the point (that you've missed twice). The point was that staying under the limit (whatever it is) does not TRIGGER A GIFT TAX RETURN. So, thanks for playing Capt. tonight, but the figure I gave was an example. It was the 709 issue that i was pointing out.

 

[Capt. Tuttle]

Based on the documents presented wouldn’t it be his parents who had committed tax fraud?

I haven't seen the answers

 

[Capt. Tuttle]

It's up to [by edit] 15k (per year per donee) without the need for a gift tax return. Capt. will correct me if I'm off, but I believe he's talking about the lifetime (gift) exemption, which allows gifts up to the federal level with no tax implications for the donee (recipient) and none for the donor if under the lifetime limit. But gifts over 15k technically have to be reported.

You said it better than I did. The (now) $15k annual exclusion is a reporting threshold, not a tax paying threshold.

 

[alphaorange]

If it's a gift, it's not taxable (speaking on a federal level.). It's the giver of the gift that pays tax, if any, is due.
In 2020, assuming no prior gifts, an individual can give away up to a total of $11,500,000.00, and no tax is due from anyone.
Of course, it's not a gift if the money was given in consideration of something in return, like playing basketball at Duke. Then it is taxable.

Not exactly accurate. The number you gave is a LIFETIME exclusion. Individuals may give up to 15K (30k for couples) PER YEAR. Anything above that has to be claimed and someone, usually the giver, pays tax on the excess. The only way no taxes are not paid is if their income, including the gift, remains below a taxable threshold. Certainly any gifts of substantial amounts will need the tax paid from someone.

 

[Capt. Tuttle]

Not exactly accurate. The number you gave is a LIFETIME exclusion. Individuals may give up to 15K (30k for couples) PER YEAR. Anything above that has to be claimed and someone, usually the giver, pays tax on the excess. The only way no taxes are not paid is if their income, including the gift, remains below a taxable threshold. Certainly any gifts of substantial amounts will need the tax paid from someone.

No. I am 100% accurate. It must be reported, but it is not taxed unless: a) you have exceeded the lifetime exclusion, or b) you chose to pay tax, so as to keep your lifetime exclusion in place.

The Lifetime Exemption for Federal Gift Taxes

The lifetime exemption from gift taxes lets you give away millions of dollars in your lifetime free of the gift tax. Learn how it works and how it impacts estate taxes.

www.thebalance.com

 

[alphaorange]

No. I am 100% accurate. It must be reported, but it is not taxed unless: a) you have exceeded the lifetime exclusion, or b) you chose to pay tax, so as to keep your lifetime exclusion in place.

The Lifetime Exemption for Federal Gift Taxes

The lifetime exemption from gift taxes lets you give away millions of dollars in your lifetime free of the gift tax. Learn how it works and how it impacts estate taxes.

www.thebalance.com

I stand corrected. That article was clearer than the one I read.

 

[Oakland]

Yeah, but I'm pretty sure that it was proven that Chris 'I'm a man' Webber got paid $250K (?) and he wasn't charged with anything. I guess it is progress that a black man can get away with tax fraud and not get sent to jail - progress!

if you get a million from anyone and dont report it its illegal. even if its gift for nothing

 

[Briancuse]

I learned everything I know about RICO from Better Call Saul, so, I mean, I feel like I could bring an expert opinion to the discussion.

I got my rico degree from law and order and the sopranos.

 

[MikeSU02]

Check the whole thread.

 

[RF2044]

Check the whole thread.

In my mind, this is what would be most damaging for Duke / Coach K -- far more "damaging" than any potential criminal charges Zion or his family might be subjected to.

 

[Zelda Zonk]

Check the whole thread.

Ford asserts “the UAAA does not protect a party who pretends to be a ‘Student Athlete’ not one who may have concealed prohibited conduct that renders him/her ineligible but, yet, continues to play in a collegiate sport undetected.”

If true, that answers my “Shroedinger’s Eligibility” question, where I assumed “eligibility” was determined as a ruling by the NCAA, not by the yet to be detected violations.

Has the NCAA made a statement on this since she started filing?

 

[RF2044]

Has the NCAA made a statement on this since she started filing?

Yes -- here is their official statement:

 

[FreakTalksAboutSU]

Anyone else feel like this would be a death penalty thing for Syracuse but will essentially cost Duke nothing?

 

[Cusefan0307]

The Duke board has their head in the sand lol.

 

[RF2044]

Anyone else feel like this would be a death penalty thing for Syracuse but will essentially cost Duke nothing?

"God Bless America."

 

[jr4750]

Duke is making some news lately...

 

[Cusefan0307]

Duke is making some news lately...

With the rest of the country in shambles due to multiple other issues it is unfortunately akin to the Friday afternoon news dump.