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cybergates

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Posts posted by cybergates

  5. Transfer Portal 2022

    in General Basketball Discussion

    Posted · Edited by cybergates

    23 hours ago, IUCrazy2 said:

    Yeah they are.  That is Hoosiers For Good's #1 purpose.  To get NIL money to athletes at IU and oh yeah they may do this charitable thing too.

    It is as simple as this.  A taxpayer is allowed to give a gift up to $16,000 to another individual this year.  At $16,001 they have to start paying taxes on the gift.  So if you go big donor who wants to drop a "gift" of $100k on TJD, they cannot just hand him $100k.  They have to report that gift and then pay taxes on it.  So you make a "charity" like HFG and suddenly that gift is a charitable contribution that is tax deductible.   The player has to pay an income tax on it but that is usually less than the gift tax.  Donor gets to write it off.

    TJD shows up to a dinner and the charity gets to charge for the plates or the speech or whatever.   The charities won't complain because what they are getting is more than they were...but in most cases the value they are getting is probably less then just getting the cash that the athlete got paid....because it isn't about charity, it is about getting money to people who will possibly help your school win games.

    It is just putting the sleaze out in the open.  It is "legal" now but is no different than what most here would complain about the Kentucky's of the world doing in the past with Nike as the go between.

    That's a common misconception about gift tax. After the 16k annual exclusion you have to file a gift tax return and it will count against your lifetime exclusion currently 11.7million in 2021. So I could give a gift to TJD of 100k and no one would pay taxes on it. Recipients don't pay taxes on gifts. Donors don't pay taxes until their lifetime exclusion is exhausted 

    • Like 7

  7. 2023 C Xavier Booker

    in Basketball Recruiting

    Posted

    On 4/24/2022 at 12:18 PM, WRSMick55 said:

    I was beginning to wonder if Booker was any kind of priority to IU. It’s obvious he is to MSU. Don’t want Izzo to get him, hope he’s at IU.

    Izzo was in Westfield for EYBL yesterday so he wasn't watching Booker like Woodson was. 

    • Like 2

  9. Dane Fife not returning to Indiana

    in General Basketball Discussion

    Posted

    1 hour ago, tdhoosier said:

    Dane Fife is loved, especially by the people who were at IU during his playing years, because he is and was so accessible. Everybody has a Dane Fife story because he was a man of the people. He was out at Nicks every weekend didn’t act like he was too cool to talk to anybody. 

    He’s also hilarious in interviews and has a dry and witty personality. 

    I get that some people feel like they have a connection to him. 

    That said, the higher ups at IU know this. They knew there was going to be blowback. Put the Rabby post aside and looking at this rationally….true observations:

    1. Fife has not gotten any recruits and I have not seen his name tied to any recruits we’re close to. 

    2. He had very little interaction with he other coaches or players on the bench. 

    3. The thing we love about Dane, his accessibility and bluntness, seems to have gotten him in trouble. (NIL posts)

    This was going to be damaging to Dane’s reputation, regardless. Rumors have been flying for weeks. He got fired from his alma mater after one season. Yes, I do think Rabby overstepped, but this wouldn’t have been covered up from future employers whether Rabby made that post or not. It was already out there. 

     

    I was thinking about his comedic nature in regards to his coach in waiting and Woodson is old stuff from the Rabby post. I can easily see him talking to others and saying that in a joking way and it getting back to Woodson lacking context. 

  13. Big Ten Officiating

    in General Basketball Discussion

    Posted

    12 hours ago, TheWatShot said:

    Officials are always going to be weary of calling fouls on Purdue in Mackey Arena because their fans go apesh*t every time they do. Literally every time. 

    I think this plays a big part in it. It's not like the officials are Purdue fans or IU haters, it's just subconsciously they get used to the feedback from their calls and likely adjust accordingly.  

  23. Purdue pre-game….

    in IUBB Game Threads

    Posted

    20 hours ago, Hippopotamo said:

    I think I would genuinely pay $2,000 to guarantee a win (assuming my wife didn’t find out, of course).

    Easy. Go bet $2,000 on Turdue. Either you "paid" $2,000 to guarantee IU's win or you win whatever the payout of the bet is.

    • Like 3
    • Haha 1
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