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Old 09-02-2009, 12:05 PM   #1
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Default OCC Mobil 1 motorcycle contest


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<a href="http://www.motorcycle.com//news/occ-mobil-1-motorcycle-contest-88706.html">OCC Mobil 1 motorcycle contest</a>

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Old 09-02-2009, 01:31 PM   #2
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No need to enter...

It's as good as in my garage!

I wonder if you are required to run Mobil1 oil in it?

How does it work, when you win a big ticket item, as far as taxes? This bike is valued at $56K (!), so is it safe to assume that Uncle Sam will be hitting the winner up for 30% of that ($16,800)?

Nice enough looking bike. I'd prefer a bit more tank.
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Old 09-03-2009, 04:19 AM   #3
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"This bike is valued at $56K (!), so is it safe to assume that Uncle Sam will be hitting the winner up for 30% of that ($16,800)?"

That is correct. I'd venture to guess in this market you would be hard pressed to sell the thing for enough to pay the tax on the winnings.
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Old 09-03-2009, 06:10 AM   #4
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You're right. It not worth the taxes to me.
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Old 09-03-2009, 11:42 AM   #5
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The assessed value of the bike would be added to your yearly gross income for tax purposes. So if one usually earned 50K a year he would report 106K for the year he got the bike.

Tax rates:
# 25% on the income between $67,900 and $137,050; plus $9,350
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Old 09-03-2009, 12:32 PM   #6
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Quote:
Originally Posted by seruzawa View Post
The assessed value of the bike would be added to your yearly gross income for tax purposes. So if one usually earned 50K a year he would report 106K for the year he got the bike.

Tax rates:
# 25% on the income between $67,900 and $137,050; plus $9,350
Gotta Spread that Wealth around, Yo!
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Old 09-03-2009, 02:52 PM   #7
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Not available in Delaware? What the heck?!

Soon, we'll be able to gamble on NFL games here, just not be able to watch them. Oh, well.
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