It is possible that he classified the ring as some type of bonus but I think the most likely scenario is that he hit the lifetime max. Either way, the taxing wasn't him "sticking it" to his employees.
Also, don't they have payment plans for those who cant afford the upfront payment?
I have no idea re the payment plans. Gift tax is not actually my thing (corporate tax is), I just happened to be working on a very similar issue today when this story reared its head.
What I failed to realize initially is that gifts made to employees are in fact includible in the employees' gross income for income tax purposes, as an employer is deemed to not give gifts out of "detached and disinterested generosity." So now the whole story makes sense.
Without taking the preceding into account, it wouldn't make sense that employees would have footed any tax bill if the rings were gifted, as it would have fallen on Jacobs to pay the gift tax. However, this clearly falls under the rule above from IRC Section 102(c) and thus the employees do in fact have taxable income equal to the value of the rings.
However, that the employees were forced to foot the tax bill is not a function of Jacobs being a miserable *******, but of U.S. federal tax law. So, in sum, don't jump on Jacobs for this one. Your ire is misplaced.
I have no idea re the payment plans. Gift tax is not actually my thing (corporate tax is), I just happened to be working on a very similar issue today when this story reared its head.
What I failed to realize initially is that gifts made to employees are in fact includible in the employees' gross income for income tax purposes, as an employer is deemed to not give gifts out of "detached and disinterested generosity." So now the whole story makes sense.
Without taking the preceding into account, it wouldn't make sense that employees would have footed any tax bill if the rings were gifted, as it would have fallen on Jacobs to pay the gift tax. However, this clearly falls under the rule above from IRC Section 102(c) and thus the employees do in fact have taxable income equal to the value of the rings.
However, that the employees were forced to foot the tax bill is not a function of Jacobs being a miserable *******, but of U.S. federal tax law. So, in sum, don't jump on Jacobs for this one. Your ire is misplaced.
I'm defending Jacobs here
It sucks but they have something most of us would love to have. Thanks for another awesome post!
__________________ Boston You're My Home!
2012-2013: The Cup Returns 6.15.11
The fact that LeBrun brings this up shows that it cannot be ignored. LeBrun knows it has to get out there because it is too obvious now.
The fact of the matter is is that this is personal, too. On both sides. This isn't just business. There are grudges. This, to me, seems like the "Personal" dispute/lockout.
It's twice in a generation that the players must dial it back for the owners and it is being led by a guy who entered ownership when players were well under thumb and able to be colluded against. Jacobs is still trying to get a handle on how the players progressed so fast once Alan Eagleson got ditched in 1991. It only took three months.
The Martin Lapointe situation was also decent indicator of how even Jeremy Jacobs "the damn good businessman" can be lured into settling a personal score at the expense of common sense and fiscal responsibility. He will cross the line to make his point. This is his league now.
I happy to see some people have found a convenient scapegoat which allows them to continue to worship their demigods.
Well it's likely he is being scapegoated a bit, but it's also likely he is a fly in the ointment because he has always put his wallet and ego above the good of other human beings. So it wouldn't surprise me one bit if things moved along better with him in his cape and coffin....I mean not in the room.
I always will wear my bruins stuff.
I wore it during the dark years of 1996-2008 when eveybody would quote to me " bruins?"
Me too, I don`t like what`s going on however, I love my Bruins gear and will continue to wear it. Lots of big chat going on here as to what this or that fan will do upon the return of NHL hockey in the spring of 2013
My money says, in cities like Boston/NY/Toronto and other strong markets, the barns will be just as full on Day 1 of the season as they were on the last home date of the year. Ironically, teams like the Coyotes/Panthers will probably lose less this year by not playing one game as they would playing 42 home dates
Fans will come back, and they`ll be back immediately
I thought that was embarrasing. I don't love him by any stretch of the imagination, but there's a time and a place, and that's not it. Boo the **** out of him at the State of the Bruins or any other opportunity you have to be in the same place with him.
Your hatered for the owner overshadows the most exciting moment you're likely to have as a Bruins fan? Put it aside for a night and enjoy the frigging festivities. There's plenty of other opportunity to boo him if you feel like it's deserved.
So i can boo him at the state of the bruins.. not when he wants the fans to kiss his ass? sorry, but what does it matter? i had a great night, and at no point was may anger over shadowing the greatest moment in hockey watching life. Sorry I guess i don't forget pass failures by this ownership. I'm just suppose to pucker up and go with it? I guess you're a better person than I.
I have said this over and over, but if your goal is to turn your money into more money, buying a sports team is the dumbest way to do it. It is a stupid business venture.
And fine, let Jacobs run his team like a business. But sports are a totally unique animal, and the business only (only) works if a large group of people care about it irrationally.
You don't have the business of owning a sports team without fans.
So to treat Jacobs like the poor old innocent business owner just trying to make a buck ignores the reality of the situation.
Fine, try to make a buck. But you aren't getting my love, nor do you deserve it. I care if the team wins, not if Jeremy jacobs makes money. The second I change my priorities is, ironically, the day he stops getting my business.
I bet some of you watch It's A Wonderful Life and root for Old Man Potter. The poor business man!
Well obviously Morris does.
Yes they also cheer at casinos when them and the people around them lose money.
Quote:
Originally Posted by Spooner st
shhhh.. this is a greedy players appreciation thread.
I happy to see some people have found a convenient scapegoat which allows them to continue to worship their demigods.
The whole lockout process is about finding scapegoats. Seems everyone jumped on the Jacobs train though, but it's not like that hasn't happened before. It would be pretty interesting to see what happens if they remove Bettman and Fehr from the room though and just let the two sides hash it out. Can't imagine any want a lost season and we're dangerously close to that.
So i can boo him at the state of the bruins.. not when he wants the fans to kiss his ass? sorry, but what does it matter? i had a great night, and at no point was may anger over shadowing the greatest moment in hockey watching life. Sorry I guess i don't forget pass failures by this ownership. I'm just suppose to pucker up and go with it? I guess you're a better person than I.
Anyone weaing their hockey gear,i have put them away and told the wife not to buy any bruin stuff for christmas.
I honestly don't even wear any since the lockout has startred, and I told her the same, if she gets sports stuff it's only of the Pats nothing to do with hockey for me or the kids
So i can boo him at the state of the bruins.. not when he wants the fans to kiss his ass? sorry, but what does it matter? i had a great night, and at no point was may anger over shadowing the greatest moment in hockey watching life. Sorry I guess i don't forget pass failures by this ownership. I'm just suppose to pucker up and go with it? I guess you're a better person than I.
Before the cup parade and banner ceremony, you could count the number of times JJ made himself available in the last 30 years on 1 hand.
I hate the guy, but I wouldn't have booed him. Having said that, I don't have a problem with you doing it, and understand why you did.
The pathetic joke at Neelys expense probably earned him some boos that night.
I asked for a new jersey for Christmas. Those ****ers are expensive, and my birthday isn't until August.
Plus, apparently I'm an avid JJ lover because I don't think he's the antichrist (Lord knows it has to be one extreme or the other), so I gotta do my part to make sure he's swimming in gold, amirite?
You get it. This is about ego, and it should be. Passion for the sport should be first. They make money, good for them, but that's not why you buy a hockey team.
I am a commercial lender. I equate NHL teams to restaurants. "You know how to end up with a million dollars in the restaurant business. Start with two million."
NHL owners sell their team wen they cant afford to lose more money...
So in your opinion only investors who need\want to lose money will buy a hockey team? that makes sense.
Business is business and its ALWAYS about the money first, always.
I honestly don't even wear any since the lockout has startred, and I told her the same, if she gets sports stuff it's only of the Pats nothing to do with hockey for me or the kids
I honestly don't even wear any since the lockout has startred, and I told her the same, if she gets sports stuff it's only of the Pats nothing to do with hockey for me or the kids
Amazon had NHL 13 for $25 on Cyber Monday, but I couldn't in good faith buy it knowing I'd be supporting the lockout.
Quote:
Originally Posted by Therick67
Before the cup parade and banner ceremony, you could count the number of times JJ made himself available in the last 30 years on 1 hand.
I hate the guy, but I wouldn't have booed him. Having said that, I don't have a problem with you doing it, and understand why you did.
The pathetic joke at Neelys expense probably earned him some boos that night.
That was the main reason for the booing IMO. Neely was the last reason they came up short in the early 90's. If JJ watched the games at all back then, he would have fired Kasper the day after that embarassment in Toronto.
I don't love him by any stretch of the imagination, but there's a time and a place, and that's not it. Boo the **** out of him at the State of the Bruins or any other opportunity you have to be in the same place with him.
