Oregon winners and gift tax.

Reply #11

Chewie — Mon, 14 Nov 2005 20:58:37 GMT

I'd back date like crazy. They have to prove I did. Ever change the date on you computer? Easy to do. Write your life history dated years ago, and redate the computer. Save a phony filename, delete the filename. Create a new file with the same filename. Delete that filename. Repeat. All traceability disappears. Me and Norton Wipedisk would have a busy week-end.

Reply #10

colo2004 — Mon, 14 Nov 2005 20:26:47 GMT

Thanks Chewie. That was informative. I think they are going to have a heck of a job proving they had a pool in place before the win.They have NO agreement. They have NO pattern of regular play between all the winners. You're right that they may have back dated something. I just think the IRS will have a field day here with it being so high profile. It was their financial planner who told them to stop talking to the media before collecting the prize. Too late by then. They had said enough.

Reply #9

Chewie — Mon, 14 Nov 2005 20:17:41 GMT

Pretty much what I stated earlier: http://www.williamsmullen.com/news/articles_detail/019.htmAssignment of Lottery ProceedsAn individual who wins a major lottery prize often is presented with more wealth and income than he or she has theretofore experienced. The lottery winner may be eager to share the wealth (and the income tax burden) with other family members or friends. Consequently, the winner may consider assigning some or all of the proceeds to one or more such persons. Whether an assignm... [ More ]

Reply #8

colo2004 — Mon, 14 Nov 2005 20:12:41 GMT

Having a bad day Chewie? Relax dude.My original question still stands. I posted looking for help on this topic. Still looking for it. But thanks for your replies anyway.

Reply #7

Chewie — Mon, 14 Nov 2005 20:06:01 GMT

Since you appear to be the most knowledgeable, why don't you eliminate the confusion and tell us what you know? Better then playing the dummy, then trying to trump every one.

Reply #6

Bradly_60 — Mon, 14 Nov 2005 20:01:12 GMT

Yeah they are definely getting their income taxes from each person. The Gift Tax is there so that money will be taxed one way or another.Brad

Reply #5

colo2004 — Mon, 14 Nov 2005 19:59:37 GMT

Chewie, I think you're confused about the role of the IRS in this. There are countless cases where they have denied splits just like this one where people have tried to bypass gift tax (Google it). They do not get involved until the returns are filed. All they are interested right now is that the correct amount of federal withholding has been applied.As for As long as the IRS gets their share, they are not going to make a mountain out of a molehill Gift tax is a HUGE deal, about 50% on the am... [ More ]

Reply #4

Chewie — Mon, 14 Nov 2005 19:45:06 GMT

Sometimes, reading between the lines is more imporant then concentrating on the words in each line. Obvious their position held up. I don't see any rejection, by the IRS, in the papers. You overlooked the basic fact, money is money. As long as the IRS gets their share, they are not going to make a mountain out of a molehill.

Reply #3

colo2004 — Mon, 14 Nov 2005 19:33:44 GMT

Thanks for your response Chewie.Unless you have information that I have not seen, your assumption that they 'formed a pool and had the ability to show prior existence of the agreement' is probably wrong.This was not an organised work pool. By their own accounts this was the first time they had played the Powerball for a while. In some reports it was the first time they had ever played. At the time they said that the two couples had a verbal agreement.Not sure how strong a verbal agreement is vie... [ More ]

Reply #2

Chewie — Mon, 14 Nov 2005 19:04:31 GMT

What they have done is no different that what hundreds of thousand, if not millions, of players do - formed a pool and had the ability to show prior existence of the agreement. Being related has nothing to do with the split. All you have to do is convince the right people of a prior condition; agreement to split between the winners.

Reply #1

Raven62 — Mon, 14 Nov 2005 18:58:24 GMT

Don't Ask - Don't Tell

Oregon winners and gift tax.

colo2004 — Mon, 14 Nov 2005 18:41:50 GMT

I read this on the official powerball site...Robert and Frances each received a prize of $34,102,514, and Steve and Carolyn each received a prize of $39,352,514, before state and federal taxes were withheld. Other family members receiving prizes were Robert and Frances' son, Steven Chaney, $3.5 million; and daughters Brenda Green, $3.5 million; Robin Whitzel, $3.5 million; Sue Krammer, $3.5 million; and Steve West's brother, Gary, $3.5 million. All prize amounts were before state and federal tax... [ More ]