Will the Duke Blue Devils be forced to vacate their 2010 NCAA Basketball Title?
Right now there are 30,000 yes votes and 67,300 pending…..Lance Thomas made a down payment on $30,000 worth of jewelry with no co-signer and there was a balance remaining on the purchase of $67,300 and Thomas never paid the balance….Thomas still owes the balance and he is being sued by Rafello & Co.
from the News and Observer.com:
According to the lawsuit filed by Manhattan jeweler Rafaello & Co. against Lance Thomas, the former Duke player made a $30,000 down payment on five pieces of diamond jewelry worth $97,300 on Dec. 19, 2009. That gives the NCAA until Dec. 19, 2013 to notify Duke of any potential violations.
Duke says the school is aware of the lawsuit and is looking into the matter….
The NCAA is looking at this matter closely and the big question is, “How did Thomas come up with the $30,000 that he needed for the down payment?”….The NCAA feels this might be an ‘Extra Benefit Viloation’….Again, the NCAA must move quickly on this matter, they have only until December 19, 2013 to notify Duke of any violations and that may seem like a lot of time, but the way the NCAA moves, time is a wasting……
The big question keeps coming back at Thomas and that question is, “How did you come up with the $30,000???” Thomas’ mom is a plant manager at a Ford plant in New Jersey, but how many parents give their children $30,000 to go buy $100,000 worth of jewelry???
Why didn’t Rafelleo & Co. require Thomas to have a co-signer for this large purchase???
Were they providing Thomas with some sort of extra benefits???
If Thomas bought the jewelry with his own money, he should be in the clear, but where do you get that type of money??? And why didn’t Lance Thomas pay off the rest of his debt??? Did someone help him with the purchase thinking that he would make it big in the NBA and then they would get their ‘friendly loan’ back plus more money from Lance Thomas???
Lots of questions to be answered and you can begin to get more info on this one, when you
CLICK HERE for the News and Observer account….
Now is the time for Lance Thomas to return that jewelry…..If he takes it back and they allow him credit, can he still salvage his name and his credibility???
Why should they? This is a scratch on the surface to what they continue to find in chapel hill
30,000 is most likely Bull Stuff!
Otherwise, anyone investigating this allegation will be able to track the money by contacting the IRS
Filing Requirements:
Who must file Form 8300?
Any persons who receive more than $10,000 in one transaction or a series of related transactions, while conducting their trade or business, must file a Form 8300.
What payments must be reported?
A business must file Form 8300 to report cash paid to it if the cash payment is:
Over $10,000,
Received as:
One lump sum of over $10,000,
Two or more related payments that total in excess of $10,000, or
Payments received as part of a single transaction (or two or more related transactions) that cause the total cash received within a 12-month period to total more than $10,000.
Received in the course of trade or business,
Received from the same payer (or agent), and
Received in a single transaction or in two or more related transactions.
What is the definition of a transaction?
A transaction is the underlying event resulting in the transfer of cash. Examples include:
Sale of goods, services or real or intangible property
Rental of goods or real or personal property
Cash exchanged for other cash
Establishment, maintenance of or contribution to a trust or escrow account
A loan repayment
Conversion of cash to a negotiable instrument such as a check or a bond
What is a related transaction?
There are two types of related transactions:
Transactions between a buyer, or agent of the buyer, and a seller that occur within a 24-hour period are related transactions.
In addition, transactions more than 24 hours apart are related if the recipient of the cash knows, or has reason to know, that each transaction is one of a series of connected transactions.
Does the 24-hour period mean one day such as all day Tuesday or does it mean literally 24 hours such as from 11 am on Tuesday to 11 am on Wednesday?
A 24-hour period is 24 hours, not necessarily a calendar day or banking day.
What does “cash” mean for the purposes of Form 8300?
For purposes of Form 8300:
Cash is money. It is currency and coins of the United States and any other country.
Cash is also certain monetary instruments – a cashier’s check, bank draft, traveler’s check, or money order – if it has a face amount of $10,000 or less and the business receives it in:
A “designated reporting transaction” as defined in Treas. Reg. section 1.6050I-1(c)(iii) (generally, a retail sale of a consumer durable, a collectible, a travel or entertainment activity) or
Any transaction in which the recipient knows the payer is trying to avoid the reporting of the transaction on Form 8300.
are considered “retail sales”.
Is a personal check considered cash for reporting on Form 8300?
No. Personal checks are not considered cash.
Would a mobile home be classified as personal or real property for purposes of filing Form 8300?
Personal property. A mobile home qualifies as personal property and a consumable durable for determining any required Form 8300 reporting, regardless of how the purchaser intends to use or ultimately uses the mobile home.
When is the Form 8300 due?
A business must file Form 8300 within 15 days after the date the cash was received. If there are subsequent payments that are made with respect to a single transaction (or two or more related transactions), the business should file the form 8300 when the total amount paid exceeds $10,000. Each time the payments aggregate in excess of $10,000 the business must file another Form 8300 within 15 days of the payment that causes the additional payments to total more than $10,000.
Form 8300 requires providing the Taxpayer Identification Number (TIN) of the person providing the cash. If the business is unable to obtain the Taxpayer Identification Number of a customer making a cash payment of over $10,000, should the business file Form 8300 anyway?
Yes, to fail to file the Form 8300 is prohibited in this situation. However a filer may be able to avoid penalties when the customer refuses to provide a TIN by showing that its failure to file is reasonable under circumstances more fully described in 26 CFR 301.6724-1(e). At a minimum:
The business should request the TIN at the time of the transaction. If the person providing the cash refuses to provide the TIN, the business should inform the person required to provide the TIN that he or she is subject to a $50 penalty imposed by the Internal Revenue Service under section 6723 [26 USCS § 6723] if he or she fails to furnish his or her TIN;
Maintain contemporaneous records showing the solicitation was properly made and provide such contemporaneous records to IRS upon request,
Accompany the incomplete filed Form by a statement explaining why the TIN is not included.
If a TIN is not received as a result of the initial solicitation (at the time of the transaction) the first annual solicitation must be made on or before December 31 of the year in which the account was opened (transaction occurred) or January 31 of the following year for accounts opened in the preceding December following the same procedures.
How can a business get Form 8300?
You can obtain copies of IRS/FinCEN Form 8300 by:
Calling the IRS forms line at (800) 829-3676
Downloading from IRS.gov the Form 8300 in English (PDF) or Spanish (PDF)
Visiting the FinCEN Web site
Are there any publications that will help with filing Form 8300?
Yes. Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) explains why, when, and where to file Form 8300. It also explains key issues and terms related to Form 8300. You can obtain copies of Publication 1544 by:
Calling the IRS forms line at (800) 829-3676 or
Downloading from IRS.gov Publication 1544 in English (PDF) or Spanish (PDF).
Where does a business file Form 8300?
A business should mail Form 8300 to:
Internal Revenue Service
Detroit Computing Center
P.O. Box 32621
Detroit, MI 48232
How can a filer confirm that a filed Form 8300 was received by IRS?
The filer can confirm the IRS received the Form 8300 by:
Sending the form via certified mail with return receipt requested or
Calling the Detroit Computing Center at (800) 800-2877.
If a customer (the buyer) about whom the Form 8300 was filed wants a copy of the form, they must contact the filer.
Does the IRS have an email address to send questions regarding Form 8300?
Questions concerning Form 8300 may be submitted to 8300QUESTIONS@IRS.GOV.
This email system will not accept actual Forms 8300.
I am not a Duke fan but this whole process of forcing schools to vacate wins and titles is wrong. Fans may forget about these events over time but you cannot erase the memories of those that experienced and it does the loser of the game or games no good either. Everybody becomes a loser over night years after the fact. The coachs have zero effect over these issues. I cannot control any of my school aged kids from doing something such as this so how can a college coach truly keep a college student from such events. The process needs to change before nobody has superior records or championships left.
Dont worry. I am sure PackPride will be on the case as soon as they can free up a couple dozen of their investigators off the UNC case. The real issue will be if the NCAA 1099’s PackPride.
Dude, Seriousyl? A 100+/- line post of IRS crap? C’mon maaaaan.