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For those blocked by Jim Shute

J-Dawg

J-Dawg

Junior
Mar 4, 2009
2,237
335
83
That guy his serious mental issues brought on by living in delusion for too long. He needs help, and I'm being 100% serious on the interwebs. No joke.
 
D

dawgdr

Redshirt
Feb 27, 2008
425
10
18
Idiots, Did they file a 1099 on the money given, bet IRS would be more interested in person making payments than person receiving, because probably from cash they didn't report to IRS!
 
J

johnson86-1

All-American
Aug 22, 2012
15,271
5,807
113
jeremyrbrown said:
Does he not realize that you don't have to pay taxes on gifts?
Click to expand...

Pretty sure that would be earned income and not a gift since it was presumably in exchange for committing to and playing for Ole Miss.

But this is the biggest thing going in Ole Miss's favor if they can not be idiots about it. The NCAA probably knows there are significant tax issues with illegal recruiting and they don't want to open that can of worms.
 
G

grimedawg1

Freshman
Aug 25, 2012
339
77
28
[h=2]From IRS Website....
What is considered a gift?[/h]Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
_________________

What is the value of signing with a school? For every other NCAA athlete it is presumably zero - or just the value of the scholarship. So, UM gave money for nothing in return if there was a payment. Maybe they could sue Leo for breach of contract! That would probably work well for them! From a tax standpoint, this sure seems like a gift to me - and one that the donor should pay the tax on unless it is under the annual exclusion.
 
S

stateu1

All-Conference
Mar 21, 2016
3,196
1,225
113
I would call this a bribe not earned income. Bribe's are not deductible. Typically for an item to be included in income it is also in turn deducted by someone. I would say not taxable.
 
J

johnson86-1

All-American
Aug 22, 2012
15,271
5,807
113
grimedawg1 said:
From IRS Website....
What is considered a gift?

Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
_________________

What is the value of signing with a school? For every other NCAA athlete it is presumably zero - or just the value of the scholarship. So, UM gave money for nothing in return if there was a payment. Maybe they could sue Leo for breach of contract! That would probably work well for them! From a tax standpoint, this sure seems like a gift to me - and one that the donor should pay the tax on unless it is under the annual exclusion.
Click to expand...

I don't think it's presumed zero. Pretty sure the reason the parenthetical "(measured in money or money's worth)" is to differentiate between a services and say, affection and visits from grandchildren. Just because it's not easy to put a value on it doesn't mean there isn't a monetary value.
 
G

grimedawg1

Freshman
Aug 25, 2012
339
77
28
It doesn't seem to me to be that hard to value

High school seniors all over the country sign scholarship papers, and you know what they get to do that - nothing beyond the scholarship to the university. So, the UM guy was trying to give money to a kid that other kids all over the country do for free - kids from all over the country sign scholarship papers for nothing from outside sources. That is the value - nothing.
 
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karlchilders.sixpack

karlchilders.sixpack

All-American
Jun 5, 2008
21,365
5,070
113
Close, but no Cigar

Student Athlete -Opportunity Fund as they call it.

Last Summer, I had a Reb friend spout that at me.

I recanted, not for his mom, that he did not live with, I'll let you fill in the blanks on the rest of that.
 
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