More NCAA questions in this segment.
Q: sureshot said:
I’ve heard rumblings that the NCAA did not follow legal protocol as far as their interviews with Lloyd Lake go. Apparently in California, the (defendant) has a right to be included in questioning when there is potential for punishment from an voluntary organization (like a coalition or the NCAA).
We’ve all seen the poorly executed video detailing the leading questions by the Infractions Committee… do you think that, in and of itself, is enough for USC to get that portion of the allegations thrown out by any sane judge? I realize the appeals portion comes first, but it is apparent that USC will take this to its logical conclusion – which would be to state/federal court.
A: I am not a lawyer but I hear USC’s general counsel office is exploring many different legal options and if it thinks there is something it can succeed with in a court setting, it might pursue it if it loses the entire appeal.
Q: osezno said:
With the IRS investigation of Reggie Bush possibly bringing hard evidence to the table isn’t it a good time to just accept the sanctions? Could the NCAA turn and make the sanctions worse if more comes to light?
A: If Bush is smart, he will just pay whatver he owes on the taxes and interest without bringing any more embarassment to the university.
“If Bush is smart”
Do I even have to say it?
When did people start paying income tax for loans?
I am no Bush apologist, but if he has now paid back the “loans” given to himself and the unscrupulous Griffins, why would he be liable for income tax on that money? When I get a loan from a bank, I don’t pay income tax on that amount.
osezno,
You don’t pay tax on the loan principal, you do pay tax for the interest on the loan.
I really think that the perfect storm is brewing for the NCAA. I see them as hypocrites who live off the backs of the student athletes as they shovel in the money.
Could it be that Congress might one day soon look at the NCAA as they have at the NFL and anti-trust issues.
The NCAA might be in its last decade and this just might be the beginning of the end.
SC should sue if they cannot reach an equitable settlement and the NCAA should be put on notice that even they are not above the law and the way they prosecute an investigation.
Uh, I’m pretty sure that when somebody sues to get their money back, and the defendant pays, the IRS doesn’t really consider that a loan.
Stu, would the net gain/loss not be zero for both parties?
Generally speaking, you pay “income” tax on money gained as income – not on what amounts to a wash.
Uh, I’m pretty sure that when the transaction is a loan, that fact that the lender has to sue to get their money back doesn’t change the loan to income unless the lender ends up writing it off or forgiving the loan.