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General College Basketball News (Stories Undeserving Of Their Own Topic)


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14 hours ago, ThatGuy said:

Completely caught the team and coaches off guard. That’s pretty much all I’ll say about it. He went out to eat with several players and all had a great time. The next morning the coach let them know he left the team. The team doesn’t have any hard feelings. 

From that standpoint it is a shame because they had a couple solid back court players still developing josh with five years eligibility and mo who would be/will be a great post presence ….I think they would have had a great team especially within the conference 

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1 hour ago, Steubenhoosier said:

https://www.cbssports.com/college-basketball/news/college-basketball-commentator-dick-vitale-reveals-he-has-lymphoma-will-undergo-six-months-of-chemotherapy/

Whether you care for him or not, never want to see anyone have to go through this. Six months is a lot of chemo.

I hate to hear this. My dad had lymphoma. The chemo took a lot out of him. He frustrates me at times, but he will always be the sound of college basketball to me. 

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13 minutes ago, Parakeet Jones said:

Not sure where else to put this. The first AP poll of the season is out. We check just outside the top 25. https://apnews.com/hub/ap-top-25-college-basketball-poll

It’s amazing that a team that was 12-15, 10th in the B1G and lost its last six is getting such early recognition. Shows the respect for the coaching staff and TJD

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9 hours ago, Steubenhoosier said:

You didn't read the article that you posted?  

It was at the V foundation auction.  Money went to V foundation for cancer research.  Horrible priorities.

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10 hours ago, NotIThatLives said:

You didn't read the article that you posted?  

It was at the V foundation auction.  Money went to V foundation for cancer research.  Horrible priorities.

Makes me wonder how the buyer's tax returns are filed.  Obviously, paid way over FMV for the tickets, but how do you allocate the million to the tickers vs. the donation? If I'm the IRS, I just argue the buyer is an idiot willing to pay a million to see a ball game and had no charitable intent.  If I'm the person's accountant,  I want to assign face value to the tickets and deduct the rest.  StubHub says the answer is somewhere in the middle, but I'd love to know the answer to that.

Personally, unless I was able to allocate face value to the tickets, I'd make a donation and watch the game in the living room from my La-Z-Boy.  Also makes me wonder how aggressive the IRS would be about "donations" to a school or related entity that allow the donor to buy better tickets.  I'm sure they'd only be interested in arguing bigger donations, but I'm sure at some point (courtside seats, anybody?) they would argue pretty strenuously that something of value was received. 

Just an interesting side question to me.

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8 minutes ago, FKIM01 said:

Makes me wonder how the buyer's tax returns are filed.  Obviously, paid way over FMV for the tickets, but how do you allocate the million to the tickers vs. the donation? If I'm the IRS, I just argue the buyer is an idiot willing to pay a million to see a ball game and had no charitable intent.  If I'm the person's accountant,  I want to assign face value to the tickets and deduct the rest.  StubHub says the answer is somewhere in the middle, but I'd love to know the answer to that.

Personally, unless I was able to allocate face value to the tickets, I'd make a donation and watch the game in the living room from my La-Z-Boy.  Also makes me wonder how aggressive the IRS would be about "donations" to a school or related entity that allow the donor to buy better tickets.  I'm sure they'd only be interested in arguing bigger donations, but I'm sure at some point (courtside seats, anybody?) they would argue pretty strenuously that something of value was received. 

Just an interesting side question to me.

IRS rule:

Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value.  The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid.  For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding.  Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, the difference between the amount paid and the published value may constitute a charitable contribution deduction.

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50 minutes ago, 13th&Jackson said:

IRS rule:

Donors who purchase items at a charity auction may claim a charitable contribution deduction for the excess of the purchase price paid for an item over its fair market value.  The donor must be able to show, however, that he or she knew that the value of the item was less than the amount paid.  For example, a charity may publish a catalog, given to each person who attends an auction, providing a good faith estimate of items that will be available for bidding.  Assuming the donor has no reason to doubt the accuracy of the published estimate, if he or she pays more than the published value, the difference between the amount paid and the published value may constitute a charitable contribution deduction.

I can still se a LOT of argument over fair market value, especially when you are talking about buying 4 tickets for a million bucks.  I'd bet good money the donor's return ends up in an audit.  That's low hanging fruit.

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53 minutes ago, FKIM01 said:

I can still se a LOT of argument over fair market value, especially when you are talking about buying 4 tickets for a million bucks.  I'd bet good money the donor's return ends up in an audit.  That's low hanging fruit.

Nah.  Being rich has its advantages.  Like paying high dollar consultants to ensure you never actually pay taxes or get audited.  Its how the rich stay rich and the poor stay poor

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1 hour ago, IowaHoosierFan said:

Nah.  Being rich has its advantages.  Like paying high dollar consultants to ensure you never actually pay taxes or get audited.  Its how the rich stay rich and the poor stay poor

I hope you're not being serious, but I'll assume you are and attempt to disabuse you of that notion...

https://taxfoundation.org/publications/latest-federal-income-tax-data/

The data shows that the U.S. individual income tax continued to be progressive, borne primarily by the highest income earners.

  • In 2018, 144.3 million taxpayers reported earning $11.6 trillion in adjusted gross income (AGI) and paid $1.5 trillion in individual income taxes.
  • Tax year 2018 was the first under the Tax Cuts and Jobs Act (TCJA). The number of returns filed and the amount of income reported grew in 2018 yet average tax rates fell across every income group and total income taxes paid decreased by $65 billion.
  • The share of reported income earned by the top 1 percent of taxpayers fell slightly, to 20.9 percent in 2018 from 21 percent in 2017. Their share of federal individual income taxes rose by 1.6 percentage points to 40.1 percent.
  • Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.
  • In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.
  • The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).
  • The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).
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25 minutes ago, FKIM01 said:

I hope you're not being serious, but I'll assume you are and attempt to disabuse you of that notion...

https://taxfoundation.org/publications/latest-federal-income-tax-data/

The data shows that the U.S. individual income tax continued to be progressive, borne primarily by the highest income earners.

  • In 2018, 144.3 million taxpayers reported earning $11.6 trillion in adjusted gross income (AGI) and paid $1.5 trillion in individual income taxes.
  • Tax year 2018 was the first under the Tax Cuts and Jobs Act (TCJA). The number of returns filed and the amount of income reported grew in 2018 yet average tax rates fell across every income group and total income taxes paid decreased by $65 billion.
  • The share of reported income earned by the top 1 percent of taxpayers fell slightly, to 20.9 percent in 2018 from 21 percent in 2017. Their share of federal individual income taxes rose by 1.6 percentage points to 40.1 percent.
  • Since 2001, the share of federal income taxes paid by the top 1 percent increased from 33.2 percent to a new high of 40.1 percent in 2018.
  • In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.
  • The top 1 percent paid a greater share of individual income taxes (40.1 percent) than the bottom 90 percent combined (28.6 percent).
  • The top 1 percent of taxpayers paid a 25.4 percent average individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.4 percent).

Of course i am joking but there is some truth to what i say.  Such as amazon only paying 9% tax rate instead of their 21% for corporates.  There are always ways for the rich to offset taxes, whether its individual or corporate. 

https://itep.org/amazon-has-record-breaking-profits-in-2020-avoids-2-3-billion-in-federal-income-taxes/

Edited by IowaHoosierFan
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19 minutes ago, Billingsley99 said:

HE LIVES!!

Saw on YouTube yesterday that field of 68 was doing their top 50 and they had IU 25.  They do a preview of every team and Goodman did IU yesterday.  He interviewed Wolfson and then Oysterman and another media guy.

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2 hours ago, rico said:

Boiler Up!

I think in one of the threads (Big Ten?) that I thought Ohio State, Purdue, and Indiana will fight for the title...might sound overly optimistic for IU, but I think Coach Woody's impact will be profound...

I like our team...a lot...

Oh, and Goodman said he thought Edey was better than Trevion Williams...😂😂😂

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