5* UGAg recruit received brand new Ford Raptor yesterday...

18in32 said:
Whether the gifts like are considered donative transfers (subject to the gift tax) or a transfer for consideration (subject to income tax) is not obvious. If the former, then the donor has the reporting obligation; if the latter, then it would be the recipient who'd have to report it. And either way, it's entirely possible no actual tax would be owing, due to a variety of minimums, thresholds, exceptions, etc.

I would say the IRS would never care about these things, but then the FBI just investigated a bunch of basketball programs for similar stuff, so who know?
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Is it true if they sold the Raptor to him for $1 that wouldn't be a taxable event, or is it similar to real estate where they consider actual value?
 
odw said:
This. You guys do realize that 4 years at the high school he went to has cost ~$280k right? The availability of funds for his family is not an issue.
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Private high schools, with tuition costs higher than most colleges, do recruit kids who couldn't afford to pay that tuition and give them the equivalent of football scholarships. It's so widespread in Alabama that the Alabama High School Athletic Association, or whatever it's called, made many private schools, including at least two in Mobile, move up in their classification, because this recruiting gave them such a big advantage over public schools with about the same number of students.
 
thwg said:
Majoring in engineering. Kirby says he chose the best engineering school in GA...said it with a straight face.
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Kirby is right. UGA is the best place to go to major in engineering. You can major in engineering without having to get into the specifics like we do at Tech - whether you are a textile, chemical, nuclear, industrial, civil, biomedical, electrical, ceramic or mechanical engineer. If you just want to be an engineer without getting into such specialization, there is no place to go like UGA. You get a general, non-rigorous, non-mathematical, non-scientific, liberal arts education in engineering.
 
CiraldoForever said:
Private high schools, with tuition costs higher than most colleges, do recruit kids who couldn't afford to pay that tuition and give them the equivalent of football scholarships. It's so widespread in Alabama that the Alabama High School Athletic Association, or whatever it's called, made many private schools, including at least two in Mobile, move up in their classification, because this recruiting gave them such a big advantage over public schools with about the same number of students.
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In Tennessee, the private schools have been forced into their own divisions. We have had some success recruiting from Brentwood Academy, Ensworth and Battle Ground Academy in the Nashville area.
 
CiraldoForever said:
Private high schools, with tuition costs higher than most colleges, do recruit kids who couldn't afford to pay that tuition and give them the equivalent of football scholarships. It's so widespread in Alabama that the Alabama High School Athletic Association, or whatever it's called, made many private schools, including at least two in Mobile, move up in their classification, because this recruiting gave them such a big advantage over public schools with about the same number of students.
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Georgia does this with private schools AND with city school districts.
 
77GTFan said:
Kirby is right. UGA is the best place to go to major in engineering. You can major in engineering without having to get into the specifics like we do at Tech - whether you are a textile, chemical, nuclear, industrial, civil, biomedical, electrical, ceramic or mechanical engineer. If you just want to be an engineer without getting into such specialization, there is no place to go like UGA. You get a general, non-rigorous, non-mathematical, non-scientific, liberal arts education in engineering.
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Kirby can eat a dick. I'm sure uga's the best dick eating school in Georgia too.
 
BioJacket06 said:
Is it true if they sold the Raptor to him for $1 that wouldn't be a taxable event, or is it similar to real estate where they consider actual value?
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Selling something at below market value can impact both the gift tax reporting requirements and the income tax reporting requirements. The first step is to determine if the parties have an ongoing business relationship, or whether the giver had no expectation of receiving goods or services in return or otherwise influencing the business relationship. Obviously here it is a matter of significant controversy whether college football boosters and players are in it for the money, for the love of the sport, or what.

The typical college football booster (like me and you) doesn't usually have much expectation of making money off of the team's successes. We're in it for the love of the game. The typical college football player (including many five stars, actually) doesn't actually make much money off his play (though obviously most hope to).

So I think it would be an interesting case if the IRS tried to say this was not a gift but was a transfer in consideration of future services. (For example, the donor would *not* have the legal right to take back the truck if the player got injured and couldn't play or decided not to play for other reasons.)

And if it was a gift, then selling it at below-market value creates a gift in the amount of the difference between sale price and FMV. The donor would still be required to file a gift tax form and pay the gift tax (or allocate a portion of his unified credit to offset the tax obligation).
 
Does anyone else realize that UGAg is the best engineering school in the state?

There was the DE a decade or so ago that went to UGAg over GT because he was impressed by UGAg's computer science department.
 
The percentage of our own scholarship players who are engineering majors is fairly small. I imagine the number of players who are choosing UGA because they truly buy into Kirby's claim about the engineering program is infinitesimal, and the number choosing UGA directly over Tech based on Kirby's claim to be 0.

What are the odds this kid is an engineer in 10 years? 1/100?
 
77GTFan said:
Kirby is right. UGA is the best place to go to major in engineering. You can major in engineering without having to get into the specifics like we do at Tech - whether you are a textile, chemical, nuclear, industrial, civil, biomedical, electrical, ceramic or mechanical engineer. If you just want to be an engineer without getting into such specialization, there is no place to go like UGA. You get a general, non-rigorous, non-mathematical, non-scientific, liberal arts education in engineering.
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And drive trains.
 
JJacket said:
Does anyone else realize that UGAg is the best engineering school in the state?
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They're clearly the smartest program in the state. I'm not allowed to teach there because one summer I taught a joint class between colleges. When grades were released, the distribution was very similar to my standard grade distribution. What I neglected to notice (and was subsequently banned for) was that well over 50% of the uGA "engineers" failed my class. The uGA course had like a 1.3 average GPA and the Tech course had a 3.6 GPA.
 
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