Man Crashes Lamborghini Six Hours After Winning It

All I know is, if that were me, my ass wouldn't have even touched the drivers seat, I'll take cash, NOW, thank you. :)
 
I wreck lambos for fun, that's how I roll.

Random aside: my mom who is 63 years old told me when I asked her why she did something the other day "that's how I roll."

The fuck is going on?
 
Xee said:
Wouldn't matter. Say his taxes on the lambo are $100,000 and the organization pays those taxes. The IRS would see that as a gift as well so the guy would have to report income of $100,000 as well as the $380,000 FMV of the car, and then get taxed on that.
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That's why I am saying that the other countries mentioned above have better laws in this area.

This may be the case today, but who's to say we can't change it :p
 
Unless you're quite rich you have the thing flatbedded to your house and sell it to pay for the taxes you're assraped with. I know that's what I'd do. Take the 200 sumodd thousand pay off the house and stick the rest in something secure that pays a descent interest rate. Don't even bother with investing it in the market anymore unless it's going to be your job. You can't trust traders with anything.
 
Xee said:
Wouldn't matter. Say his taxes on the lambo are $100,000 and the organization pays those taxes. The IRS would see that as a gift as well so the guy would have to report income of $100,000 as well as the $380,000 FMV of the car, and then get taxed on that.
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gifts aren't income to the person that receives it. gifts are taxed under the gift tax, and the giver (if a person) pays taxes on anything over $13K (each year, per person). Here, the company is probably deducting the cost of the promotion as a business expense, so if they provide a true up payment to the winner, they would likely deduct that as well (assuming i'm right about the deducting of this as a business expense, which i'm not 100% on).
 
ryken said:
gifts aren't income to the person that receives it. gifts are taxed under the gift tax, and the giver (if a person) pays taxes on anything over $13K (each year, per person). Here, the company is probably deducting the cost of the promotion as a business expense, so if they provide a true up payment to the winner, they would likely deduct that as well (assuming i'm right about the deducting of this as a business expense, which i'm not 100% on).
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also, forgot to mention, the true up payment wouldn't be a gift at all, it would be part of the prize, so you are (in a round about way) correct on the true up payment being taxed.
 
ryken said:
gifts aren't income to the person that receives it. gifts are taxed under the gift tax, and the giver (if a person) pays taxes on anything over $13K (each year, per person). Here, the company is probably deducting the cost of the promotion as a business expense, so if they provide a true up payment to the winner, they would likely deduct that as well (assuming i'm right about the deducting of this as a business expense, which i'm not 100% on).
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Alright, that was bad wording on my part. It wouldn't be considered a gift. The case I was thinking of was Old Colony Trust Co. v. Commissioner. Here's a quick case brief:

http://invispress.com/law/tax/colony.html

I'm sure the IRS would look at the lambo event similarly and say the payment of the taxes were part of the prize, meaning it wasn't a gift, hence the guy would have to pay taxes on it.
 
Zarathustra[H];1038176817 said:
No,

I'm talking about any prizes having taxes already paid by the organization issuing the prize, that way there wool be no winnings sticker shock.
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I see what you mean.
 
I simply wouldn't be able to keep a car like that, I don't even own a garage... just a parking lot spot for my townhouse unit which, by the way, this car is worth more than. Definitely would ask for cash to pay the mortgage and bills off, even if I got taxed on it I'd still come out way ahead.
 
I never get why the goverment thinks it deserves money when it does nothing. Especially in things like import tax and prize tax... The didn't provide anything or facilitate any part of that transaction, so screw them and hide as much as you can and fight them if they try and take it. I would be fine with it if they took 10% and gave it to (good) charity, but they will only spend it on nonsense and not help anyone.

BDS23 said:
This really sucks. The world sucks. Why is it that the awesomer cars usually get the crash and burn syndrome? Oh yeah, because the drivers can't handle the awesomeness. This is why the majority can't--- shouldn't have nice things, leave it to the [H] car crowds only. Sheesh. First Ferraris, then a Lambo, what's next? A One-77?!
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Boring crappy cars like fords and porsches crash all the time, but noone cares to publish it. Taken as a percentage it's probably lower overall.
 
FndTheRver said:
Probably should have invested in some driving lessons before he took possession of the car.
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actually he was a professional driver. a delivery truck driver... but still a professional. he knew he was driving way too fast for the conditions and was just trying to have the car declared a total loss, shame because that color is rare here in the states.
 
Xee said:
Wouldn't matter. Say his taxes on the lambo are $100,000 and the organization pays those taxes. The IRS would see that as a gift as well so the guy would have to report income of $100,000 as well as the $380,000 FMV of the car, and then get taxed on that.
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You sure about that? Taxes that are paid directly to the IRS are being done so to pay off the tax obligation and are not considered taxable income, now if they give you the money to pay the IRS that's another situation all together and yeah it's taxed.

For those who don't understand the IRS considers any sort of material gain as "income" and as such treats it all equally as far as taxation purposes (well unless you're really rich, and then you can live with the lovely laws your people got passed which allow your capital gains to be taxed at a MUCH lower rate... but that's irrelevant).

While it might seem unfair to be taxed, and yeah if you win $100M in the lottery and the government says "I'll be taking that check for $35M please" it would definitely feel shitty. But it is used to prevent the transfer of wealth from one party to another without being taxed. How convenient would it be if a CEO of a company "won" the $25M raffle that always occurs at the same time every year.

Granted I would like to see in the US that the person who has the prize is responsible for the taxation, and simply let that be an amount of the prize that those who win it never sees or knows about. Apparently those lawyers working for ABC have found loopholes to giving people homes for free by exploiting tax code, maybe that's why the show is ending because the tax loophole is being closed up.
 
I really doubt he crashed it on purpose. It would have been easier and quicker to sell it at half the cost than try to deal with insurance and insurance lawyers. Spinning out at 45mph isn't going to do much damage unless you're spinning in front of an on-coming semi.

It's a simple case of too much car for the person.

Personally, I would have had it towed to my place, and then hired an auction house to put it up for sale. I would have taken it for a spin around the block just to say I drove one, but I wouldn't want to put miles on it.

Dopp told The Associated Press the damage "isn't super bad" _ a punctured oil pan and wheel and a few dents and scratches on the front and rear ends. The father of six said he couldn't afford to pay taxes on the car or the insurance, which runs $3,500 every six months.
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Driving a car like that around during the winter with summer tires when there's ice out is unbelievably stupid, it was 100% his fault. The tires on that car are simply not meant to handle even the slightest bit of ice, snow, or even very cold weather.
 
steal said:
Driving a car like that around during the winter with summer tires when there's ice out is unbelievably stupid, it was 100% his fault. The tires on that car are simply not meant to handle even the slightest bit of ice, snow, or even very cold weather.
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I used to drive my s2000 around with summer tires in the snow sometimes... at like 10 mph on a really wide residential street...

You're right, he was going fast on an icy turn and the tires lost grip. A lot of people don't understand summer tires and these things aren't explained to you when you buy/win a car so "unbelievably stupid" is probably a bit judgmental. This guy has probably been buying cars that come with all seasons all his life. Sucks for him, but that's the way it goes.

The best thing about crappy weather is when you have a RWD car with certain types of limited slip differentials and you're on a sheet of ice. One wheel will spin faster than the other and you end up driving straight at a 45 degree angle, it's like automotive thrust vectoring.
 
I'd imagine if he knew he couldn't afford the tax, insurance and plates he wouldn't have entered the contest in the first place. The minimal damage tells me it was really an accident, but yeah as others said, he shouldn't have driven such powerful car in icy conditions. He better hope his insurance company is forgiving, else his insurance increase is going to hit him pretty hard.
 
I don't get this guy, he's a real tool I would imagine. I would have had them delivered it in my heated garage with a car cocoon waiting for it and wouldn't have even taken it out until the winter is well over. I would then baby and nurse it weekly and keep it as a exotic driver. If I couldn't strike a payment deal with the IRS then I would put it up for sale while keeping its low miles on it for the best return on investment.... in fact, I wouldn't even title it until I have figured out the course of action (keep or sell).
 
sfsuphysics said:
You sure about that? Taxes that are paid directly to the IRS are being done so to pay off the tax obligation and are not considered taxable income, now if they give you the money to pay the IRS that's another situation all together and yeah it's taxed.
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It doesn't matter. Look at the case I cited above:

"The payment of the tax by the employers was in consideration of the services rendered by the employee, and was again derived by the employee from his labor. The form of the payment is expressly declared to make no difference. Section 213, Revenue Act of 1918, c. 18, 40 Stat. 1065. It is therefore immaterial that the taxes were directly paid over to the government. The discharge by a third person of an obligation to him is equivalent to receipt by the person taxed. The certificate shows that the taxes were imposed upon the employee, that the taxes were actually paid by the employer, and that the employee entered upon his duties in the years in question under the express agreement that his income taxes would be paid by his employer.[...] The taxes were paid upon a valuable consideration -- namely, the services rendered by the employee and as part of the compensation therefor. We think, therefore, that the payment constituted income to the employee."

It doesn't matter that you didn't ever have possession of the money.
 
A professional driver of trucks yeah, driving a rear wheel drive, fraction of the weight of a truck, Lambo...little bit different, don't normally see trucks doing 45-50MPH, through a 35 zone, in icy conditions or summer time.
 
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