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And Now A Closet Full of Shoes Will Drop

Empirical Cane

Empirical Cane

We are what we repeatedly do.
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Sep 3, 2018
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In light of CAs NCAA legislation amd the Board of Governors [NCAA] essentially voting to fully surrender rather than fight in court...

Several states, NC first among them, are now introducing legislation...

...you accept likeness money, we also tax the value of your full scholarship as income...

get ready for the accountants and W2s...

what could possibly go wrong?
 
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Empirical Cane said:
In light of CAs NCAA legislation amd the Board of Governors [NCAA] essentially voting to fully surrender rather than fight in court...

Several states, NC first among them, are now introducing legislation...

...you accept likeness money, we also tax the value of your full scholarship as income...

get ready for the accountants and W2s...

what could possibly go wrong?
Click to expand...


Which means they are employee's. SO they should unionize to receive full benefits then since they wanna get cute.
 
I noticed that the NCAA does not actually have a plan, yet they say whatever their plan will be, it will go in to effect January 1, 2021.

The CA legislation was aimed at going in to effect some time in 2022.

The NCAA, by announcing that 1.1.2021 date, might have quieted the state legislatures for awhile. Literally nothing the states can do because the NCAA has provided zero details of their plans.

Advantage: NCAA
 
I said it yesterday it will be interesting to see all of the unintended consequences of this decision. I’d actually agree with now if you’re going to take money then things need to be taxed. It’s a transaction.

However like Tee said, some of the things schools will come up with to curb this rule will be at their own peril
 
Empirical Cane said:
In light of CAs NCAA legislation amd the Board of Governors [NCAA] essentially voting to fully surrender rather than fight in court...

Several states, NC first among them, are now introducing legislation...

...you accept likeness money, we also tax the value of your full scholarship as income...

get ready for the accountants and W2s...

what could possibly go wrong?
Click to expand...
no state income tax in flordia
 
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duke4heisman said:
This probably won't pass and if it does, I believe it will be challenged in court. The athletes do not get income from the scholarship, therefore they can't pay tax. The money from their image, etc yeah I can see that.
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I get what you are saying, but its not totally accurate. Everything is taxable unless specifically excluded. If I relieve a debt of yours, that is taxable income. If I get a car in a raffle, the FMV of that car is taxable income. If I barter with someone and they do services in exchange for services, that is taxable income.

Scholarships are generally excluded. However, if the scholarship is in exchange for services, it is included. I am not sure how or why it is excluded now, maybe under the guise of "amateur athletics", but I am sure they could bring that back in as taxable income if they determine the scholarship is in exchange for athletic services. Technically, room and board and living expenses as part of a scholarship are taxable income too.

The point is, this stuff is not black and white and a lot of it would depend on how things are written and structured in the financial aid/scholarship agreement.
 
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305407cane said:
I knew this wouldn’t be as easy as it sounded.

on another note did any of you guys see Dabo said that he would think about quitting if college players got paid?
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He's just ****ed because it actually evens the playing field for a lot of teams. I know that the argument has went back and forth over and over again....but it really does even the playing field.

I even saw someone post the whole "bigger schools have more to offer than smaller schools, because of enrollment" or some **** like that, but thats ancient way of thinking, its about marketability at the end of the day period, and trust me the Miami brand has WAY more to offer than even Clemson does. I mean could you picture billboards and ads all over South Florida with Miami football players all over the place?

This is a really crazy series of events, but I can tell you its far from over.
 
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