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re: Former La. Governor Edwin Edwards on Cam Newton Situation
Posted on 11/14/10 at 1:03 pm to timlan2057
Posted on 11/14/10 at 1:03 pm to timlan2057
There is no doubt that his is big trouble and that is why Auburn has lawyered up. The FBI doesn't give a shite about football or agents or anything else. They are involved because money has changed hands to a non-profit and Uncle Sam didn't get his.
This is huge and it will mushroom. Don't be surprised if it looks like it has gone away for a while. The FBI has nothing but time and money and they always win.
This is huge and it will mushroom. Don't be surprised if it looks like it has gone away for a while. The FBI has nothing but time and money and they always win.
1
Posted on 11/14/10 at 2:08 pm to BamaScoop
quote:
They are involved because money has changed hands to a non-profit and Uncle Sam didn't get his
sorry man, but that's not the way it works. the tax code gives the donor a tax deduction and the nonprofit does not have to pay taxes on it. they DO have to report it though as their books are just as much subject to audit as for profits. the donor that is doing something against ncaa rules (like paying a ballplayer) could still get the write off but that would make the money more traceable so they probably would not write it off. however, if it's corporate money, there must be an accounting entry for it and if they try to write if off as a necessary business expense (sec 102 expense like buying delivery trucks, etc) they will get busted. i would think these guys know more about how to do this than you or i. they probably simply donate cash by liquidating a personal investment and if smart, pay any applicable taxes if a gain is realized. still be hard to trace unless you know who did it.
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