Jon Bon Jovi...More determined than Ever

[better days]

Re: Jon Bon Jovi...More determined than Ever

Probably its because the entire estate wast valued at least a million dollars.

The more money you have, the BETTER the tax lawyers you can afford to hire.

And I heard on Shopp & Bulldog on WGR that Thurman Thomas was approached by TWO groups that want to buy the Bills to be their face to deal with Mary Wilson because it was reported she will NOT necessarily sell to the highest bidder.

That TOTALLY supports my position.

[chris66]

Re: Jon Bon Jovi...More determined than Ever

The more money you have, the BETTER the tax lawyers you can afford to hire.

And I heard on Shopp & Bulldog on WGR that Thurman Thomas was approached by TWO groups that want to buy the Bills to be their face to deal with Mary Wilson because it was reported she will NOT necessarily sell to the highest bidder.

That TOTALLY supports my position.

don't confuse highest bid with market value. The other owners will not approve a sale that's below market.

[better days]

Re: Jon Bon Jovi...More determined than Ever

don't confuse highest bid with market value. The other owners will not approve a sale that's below market.

Why would they not? You think they are afraid it will weaken the market for NFL teams?

Ridiculous. First the Government won't approve, now the NFL owners won't.

GRASPING at straws. And nobody said the team will be sold for below market value either.

[chris66]

Re: Jon Bon Jovi...More determined than Ever

Why would they not? You think they are afraid it will weaken the market for NFL teams?

Ridiculous. First the Government won't approve, now the NFL owners won't.

GRASPING at straws. And nobody said the team will be sold for below market value either.

that's exactly why they won't let the sale go below market. NFL is all about money
Why do think they keep talking about international teams. They are close to tapping out the market here in the states

[better days]

Re: Jon Bon Jovi...More determined than Ever

that's exactly why they won't let the sale go below market. NFL is all about money
Why do think they keep talking about international teams. They are close to tapping out the market here in the states

I never said that the Bills would be sold for below market value. They have 5 or 6 banks establishing that value now.

I am saying the Bills will be sold to someone that wants to keep the Bills in Buffalo & it may not be for the most money offered.

[stuckincincy]

Re: Jon Bon Jovi...More determined than Ever

I never said that the Bills would be sold for below market value. They have 5 or 6 banks establishing that value now.

I am saying the Bills will be sold to someone that wants to keep the Bills in Buffalo & it may not be for the most money offered.

How do you know 5 or 6 banks are establishing their value now?

[chris66]

Re: Jon Bon Jovi...More determined than Ever

I never said that the Bills would be sold for below market value. They have 5 or 6 banks establishing that value now.

I am saying the Bills will be sold to someone that wants to keep the Bills in Buffalo & it may not be for the most money offered.

Hopefully.
The new owner's will have 6 years to see if the area can support them. It will all come down to the fans and corp. If they sell luxury boxes, tickets that avg100.00 and psls there shouldn't be an issue keeping the team long term

[Bill Cody]

Re: Jon Bon Jovi...More determined than Ever

I never said that the Bills would be sold for below market value.

You said it didn't matter as long as it wasn't a family member, which is WRONG. Did you change your mind? They will value the Bills as a part of Ralph's estate as of the date of death. The IRS will have to approve that valuation when Ralph's executor files the estate tax return. As long as Mary sells for at least that much she should be ok with the Feds, otherwise there will be gift tax consequences.

I live in RI and at least in this state your statement about paying sales tax on whatever you may have paid is also wrong. You can have a bill of sale that says you bought the car for $50 but they will still tax you on the book value.

[better days]

Re: Jon Bon Jovi...More determined than Ever

How do you know 5 or 6 banks are establishing their value now?

It was reported on WGR radio.

[stuckincincy]

Re: Jon Bon Jovi...More determined than Ever

You said it didn't matter as long as it wasn't a family member, which is WRONG. Did you change your mind? They will value the Bills as a part of Ralph's estate as of the date of death. The IRS will have to approve that valuation when Ralph's executor files the estate tax return. As long as Mary sells for at least that much she should be ok with the Feds, otherwise there will be gift tax consequences.

I live in RI and at least in this state your statement about paying sales tax on whatever you may have paid is also wrong. You can have a bill of sale that says you bought the car for $50 but they will still tax you on the book value.

That car tax situation in RI is different from the 3 states I've lived in extensively. I'm used to a "reasonable standard", if you will. This mythical, 3-year old BMW might have 150K on it, aged and split leather seats, paint chips and dings, dented rims, bad compression, etc. - no way it got sold for so-called bluebook numbers.

In OH, as well as NY and PA in the past, as long as the sales price is in the ballpark, the low sales receipt goes. It's been years since I lived in NY or PA, so I don't know, but in OH if pressed you can produce photos and mechanics' reports to justify the sales cost.

Most transactions proceed as presented - and OH's hands are far from clean. They extract registration fees based on date of birth. If you are born in January and purchase a car in December, you pay the full fee for that year, then you have to pay it again come January.

[better days]

Re: Jon Bon Jovi...More determined than Ever

You said it didn't matter as long as it wasn't a family member, which is WRONG. Did you change your mind? They will value the Bills as a part of Ralph's estate as of the date of death. The IRS will have to approve that valuation when Ralph's executor files the estate tax return. As long as Mary sells for at least that much she should be ok with the Feds, otherwise there will be gift tax consequences.

I live in RI and at least in this state your statement about paying sales tax on whatever you may have paid is also wrong. You can have a bill of sale that says you bought the car for $50 but they will still tax you on the book value.

New York State only taxed you on money paid for a car when I lived there. They might question you about it, but if you had a bill of sale, that was what you paid the tax on.

I never meant to imply that the Bills would be sold for less than market value, on the other hand someone can offer over market value & Mary Wilson does not have to accept that offer if she is not happy will all conditions of the sale such as how & when the money is to be paid & if the team would be moved.

[Bill Cody]

Re: Jon Bon Jovi...More determined than Ever

That car tax situation in RI is different from the 3 states I've lived in extensively. I'm used to a "reasonable standard", if you will. This mythical, 3-year old BMW might have 150K on it, aged and split leather seats, paint chips and dings, dented rims, bad compression, etc. - no way it got sold for so-called bluebook numbers.

In OH, as well as NY and PA in the past, as long as the sales price is in the ballpark, the low sales receipt goes. It's been years since I lived in NY or PA, so I don't know, but in OH if pressed you can produce photos and mechanics' reports to justify the sales cost.

Most transactions proceed as presented - and OH's hands are far from clean. They extract registration fees based on date of birth. If you are born in January and purchase a car in December, you pay the full fee for that year, then you have to pay it again come January.

Even using the "reasonable standard" approach in the states you mention Better Days example of the $50 Beemer wouldn't pass the smell test. You can't just make the value up from whole cloth. RI changed to straight book value because so many of the bill of sales were bogus. You're right registry's find a way to screw you on fees.

[Bill Cody]

Re: Jon Bon Jovi...More determined than Ever

New York State only taxed you on money paid for a car when I lived there. They might question you about it, but if you had a bill of sale, that was what you paid the tax on.

I never meant to imply that the Bills would be sold for less than market value, on the other hand someone can offer over market value & Mary Wilson does not have to accept that offer if she is not happy will all conditions of the sale such as how & when the money is to be paid & if the team would be moved.

I believe the executor has to establish a fair market value for the team as of the date of Ralph's death as a part of the requirement to file an estate tax return and that number has to be approved by the IRS. My "non estate tax attorney" take is if Mary sells for less than that she'll have gift tax consequences. So I expect she will sell for at least that. I never said she had to sell to the highest bidder.

[stuckincincy]

Re: Jon Bon Jovi...More determined than Ever

I believe the executor has to establish a fair market value for the team as of the date of Ralph's death as a part of the requirement to file an estate tax return and that number has to be approved by the IRS. My "non estate tax attorney" take is if Mary sells for less than that she'll have gift tax consequences. So I expect she will sell for at least that. I never said she had to sell to the highest bidder.

Heh - I'm thinking about the "flat tax" dreamers. It can never happen - the rates would be so naked, so stark, that voters would revolt over increases, and the pols couldn't favor this one and punish that one. Nobody would bother to send a Congressman a Christmas card, let alone lobby them.

The best thing would be to have the tax payment deadline a month before elections. What a different nation we would be. Which is why the pols set it up as it is.

[better days]

Re: Jon Bon Jovi...More determined than Ever

I believe the executor has to establish a fair market value for the team as of the date of Ralph's death as a part of the requirement to file an estate tax return and that number has to be approved by the IRS. My "non estate tax attorney" take is if Mary sells for less than that she'll have gift tax consequences. So I expect she will sell for at least that. I never said she had to sell to the highest bidder.

The only point I wanted to make is I believe the Bills will be sold to a person/persons that WANT to keep the Bills in Buffalo.

There are enough people with deep pockets that want to keep the Bills in Buffalo that paying market value will be no problem.

The next owner of the Bills will be someone that as Bob Rich said consider the Bills a cultural asset to WNY & want to keep them in WNY for that reason, not to make money.

And I read that if Trump invested as little as 20% of the Bills, he could use them as a tax write off & save a bundle in taxes. I expect whoever buys the Bills to do that, use them as a tax write off.