Zion got paid to go to Duke

[Capt. Tuttle]

Even if Zion is granted an appeal win, the NCAA can’t possibly ignore the obvious implication/incrimination. Right? RIGHT?

They ignored fake classes for athletes. This just needs a throw rug to sweep it under.

 

[Newhouser]

Zion has to settle - give it one more appeal and then settle.

 

[jgeorge322]

Zion has to settle - give it one more appeal and then settle.

Why? Is him getting paid to go to duke somehow dispositive to the civil case? I am not sure I’d overly care if I was him if this info got out.

 

[Scott11]

Why? Is him getting paid to go to duke somehow dispositive to the civil case? I am not sure I’d overly care if I was him if this info got out.

Zion is in the process of becoming a huge brand with limitless possibilities. He does not want to be branded as a fraud and a cheater. There is too much money at stake here for him, Nike and the association. Someone is cutting a check to make this go away.

 

[Newhouser]

Why? Is him getting paid to go to duke somehow dispositive to the civil case? I am not sure I’d overly care if I was him if this info got out.

IRS sniffs next and he and his parents want no part of that.

 

[jgeorge322]

IRS sniffs next and he and his parents want no part of that.

Ha please. Pay some penalties and move on. I doubt the DOJ is taking up this case if thats what you mean.

 

[jgeorge322]

Zion is in the process of becoming a huge brand with limitless possibilities. He does not want to be branded as a fraud and a cheater. There is too much money at stake here for him, Nike and the association. Someone is cutting a check to make this go away.

Damage to his brand is a legit concern although I doubt most ppl care or would consider HIM a cheater. He didn’t really cheat although Duke may have.

 

[upperdeck]

not sure that taking unclaimed money as a bribe is not really cheating.

it you get paid 500K to make a business decision under the table is that much different.

 

[jgeorge322]

not sure that taking unclaimed money as a bribe is not really cheating.

it you get paid 500K to make a business decision under the table is that much different.

I think your analogy is flawed but i suppose he is an accomplice to cheating at best. But its not like he took PEDs, which would be much more tarnishing IMO.

I stand by my comment that i dont think most ppl will care as the general consensus out there now is ppl like zion are not receiving fair value for what they provide.

 

[upperdeck]

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

 

[Zelda Zonk]

Even if it is proven/admitted that all of the interrogatories are true, i don't think it will affect Zion's brand, reputation, or legacy in the NBA. Unfortunately. Not that i wish ill of him, but i doubt there will be consequences for him as an individual at the pro level. Duke didn't win the championship with him, so the impact of his one 'invalid/ineligible' year was basically a lot of hype and excitement, and he might very well have chosen Duke anyway—if the NCAA were entirely clean and free from that type of corruption and influence.

 

[Capt. Tuttle]

Why? Is him getting paid to go to duke somehow dispositive to the civil case? I am not sure I’d overly care if I was him if this info got out.

It's wholly dispositive. If he got paid, he was not an amateur athlete. If he wasn't an amateur, the required warning for amateur athletes is a nullity. If it's a nullity, he is in breach of his contract. Set down a hearing on damages.

 

[Capt. Tuttle]

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

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.

 

[Briancuse]

Zion is in the process of becoming a huge brand with limitless possibilities. He does not want to be branded as a fraud and a cheater. There is too much money at stake here for him, Nike and the association. Someone is cutting a check to make this go away.

What did he do wrong? An 18 year old that took money given to him. It's Duke that's in the wrong. Won't affect him one bit.

 

[Capt. Tuttle]

What did he do wrong? An 18 year old that took money given to him. It's Duke that's in the wrong. Won't affect him one bit.

It could be tax fraud, if it went unreported. He took money to play basketball. That's income.

 

[maxxyz]

It could be tax fraud, if it went unreported. He took money to play basketball. That's income.

if there were multiple people involved (Zion, his parents, agents, sneaker reps, aau coaches) it could be conspiracy to commit tax fraud. Could it be a RICO case? Almost definitely crossed state lines.

 

[Cusefan0307]

It could be tax fraud, if it went unreported. He took money to play basketball. That's income.

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

 

[Fly Rodder]

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

well, there's the rub.

His parents were getting paid for his playing basketball. If he wants to screw his parents over, he says that he had no idea any of that was happening, they get hammered for tax fraud, he pays their fines if they don't get prison. If he says that they're innocent, it's on him. Rock and a hard place.

 

[jgeorge322]

You guys really think the feds are going to go after him for this? Did the feds go after any of the ncaa players in the rico case? Is deandre ayton in jail?

Who says that zions parents even filed tax returns.

 

[jgeorge322]

if there were multiple people involved (Zion, his parents, agents, sneaker reps, aau coaches) it could be conspiracy to commit tax fraud. Could it be a RICO case? Almost definitely crossed state lines.

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

 

[upperdeck]

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.

i thought the limit was 10K.

 

[721Comstock]

i thought the limit was 10K.

I'm not a CPA or tax advisor, nor did I sleep at a Holiday Inn Express last night.

That's from many years ago. it's now up to $15k per person, per year.
That's the Annual Gift Exclusion.

The other (much larger) # being referenced incorrectly above is the Lifetime Gifting Exclusion.

Anything over $15k to a given person in a given year, must be reported to the IRS.

Now - taxes may not be due if you haven't hit your Lifetime Gift Exclusion, but it is reduced by gifts greater than $15k - which is why the MUST be reported to the IRS.

The taxes in all above cases are relative to the GIVER.
Not the recipient.

 

[reedny]

i thought the limit was 10K.

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.

 

[721Comstock]

It's up to 14k (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 14k technically have to be reported.

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

 

[upperdeck]

I wish i had someone to give me 15K so i had to worry about it