He meant that the only one who will know what the bids are is the seller. The ones doing the bidding won't know what the other bids are. Hence being sealed
He meant that the only one who will know what the bids are is the seller. The ones doing the bidding won't know what the other bids are. Hence being sealed
It has to do with estate and gift taxes. Mary Wilson could decide to sell the team for 100m but the IRS is not going to accept that. They would consider that a below market value sale and the 700m below to be a gift subject to gift taxes to Mary. The point of the sealed bids is to show that this is an arms length for market value sales process. Careful what you're calling stupid.Originally Posted by better days
Well he did say he'd buy it from him Dead or Alive
If I was the seller, I would want everyone to know what the bids are.
But that is neither here nor there.
It is up to Mary Wilson to decide if she wants to sell the team for less money to someone that will keep the Bills in Buffalo or to someone that will move the team.
She also has the right to tell local bidders, this is what I have been offered by the Toronto group, can you match it?
Terms of the sale are also important. I could offer $2 Billion for the Bills & will make payments of $100.00/year until paid off.
Do you work for the IRS?
no why?
So, unless you are a tax lawyer, you have no idea what the IRS would really do or say about the sale of the Bills.
That is all.
If Mary sells the Bills to a person that is not related to her, I believe she is responsible for the money she makes on the sale period.
I stand by what I said. I don't need to be a tax lawyer to be right. And you don't have to be a tax lawyer to be wrong. That is all.
Well, except you are not right.
sorry you're not qualified to say that
Just as qualified as you were to post your OPINION.
If there were any truth to that, it would have been on profootballtalk, ESPN ETC long ago.
Unless Mary sells to a family member at a low price to try to cheat the tax man, the government won't get involved.
If your spouse died & left a new BMW to you, & you wanted to get rid of it because of memories, you could sell it to me for $50.00 & the government would have no say about it.
But you would pay sales (if any applies) and excise tax on the full value of the car. They don't care what you bought the car for, they tax you on the value. The Bills would likely be treated the same way.
Exactly. The family is going to be taxed on 860 million if the sale is less than that
Now the owners will not approve any sale that brings down the value of the club.
B'gals owner Brown beat the Grim Reaper...Brown vs. the irs:
http://bengals.enquirer.com/043097_bengbrown.html
Fiat justitia ruat caelum. Noli timere. Laus Deo.
better days (04-15-2014)
I have paid less than list price on cars & only paid tax on what I paid.
If the car was part of an estate the seller would be responsible for the tax difference.
You also can't compare a car to an organization worth three quarters of a billion dollars.
Big difference isBrown was an heir.
Would be completly different selling to an outsider
Show us some proof of that.
When I was 17 I bought a car of a kid that just died in Vietnam from his parents & paid far below value.
I DOUBT his parents paid any more on taxes than I paid for the car.
Last edited by better days; 04-15-2014 at 08:30 AM.
Yes, it would be different, the IRS gets more involved when a family member is involved.
Probably its because the entire estate wast valued at least a million dollars.
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