Going After Bush?
The IRS might go after Reggie Bush for taxes on the $300,000 he received in cash and gifts while at USC.
|
|
|
The IRS might go after Reggie Bush for taxes on the $300,000 he received in cash and gifts while at USC.
| For more local Southern California News: | Copyright © |
| Los Angeles Newspaper group |
oh no, do you think he can afford the bill?
I wish I could pay taxes on $300,000. That would mean I had $300,000 at some point.
While the NCAA may consider benefits received by the parents of student-athlete 1 to be one in the same with those directly received by student-athlete 1, wouldn't RB's parents be on the hook with the IRS for most of the $300K in benefits?
If the IRS is looking into this now, I would think that the mom or grandma or aunt (or whatever relation she was) of Agency Representative 1 would be in hot water also (and possibly not just with the IRS) with all of the cash that she seemingly had laying around that ended up being given to RB (allegedly).
In any case, I doubt the IRS could rely on a lot of the NCAA's "evidence".
If RB has now settled with the 2 parties who (allegedly) gave him these benefits, would the benefits then be considered to be a loan by the IRS that has since been paid back and not income at all?
The parties in this where there will be concrete evidence of income are the 2 that received money from RB to settle their civil suits. Somehow I'm guessing that at least 1 of the 2 isn't accustomed to filing a tax return.
I would agree that money/income has changed hands as both a cause and result of the NCAA investigation and the IRS will want to get its cut. It will be interesting to see who they go after.
Justice will prevail. A nice probing IRS investigation is just what that scofflaw needs at this point. After his remarks that he would "continue" to cooperate - he deserves every bit of grief that is sure to come his way. A miserable example for the current players, and an embarrassment to USC after all. What a shame.
I'm with Mike on this one. I think the money paid to Bush would have to be seen as a loan since he paid it back.
And I also think that if there is unreported income here, it would have to be laid at the feet of his mom/stepdad. No matter how you look at it, they received gifts (and did not pay it back) - so maybe they'll be looking at jail time. Perhaps SC fans will get some retribution on the Griffiths after all.
I am all for Reggie's step-dad taking a financial hit on this one. And if there's one thing Reggie has proved over the last few years is that he is not one to bail people out of trouble...
Uh, but he didn't even come close to receiving $300k in benefits. More like $30k. Do you know your arithmetic, Scottie?
Just the investigation alone will run Reggie thru the mill for some time, exposing his finances, etc. during his "paying" days at USC. Undoubtedly, something will turn up. Tee Hee! No sympathy for this lying phony. I gave him the benefit of the doubt until the investigaiton was over, read the entire NCAA report and now let him take all the hits he deserves.