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Marcus Lemonis (OT)

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People attack Lemonis as a self-promoter showman blah blah blah. If a dude wants to cut checks and the money is legal and with no strings attached then only b!tches look a gift horse in the mouth or question the motivation. I'm sure a janitor at Columbus doesn't give a **** today about Lemonis' social media as he comes home with an extra $18k.
 
407cane said:
wow, gift tax law is $15000... wondery why random number like 18?
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Annual exclusion gift is $15,000. Perhaps he gave it to the school to dole out to the employees which would not count against individual gifts as it is a contribution to the institution and not the individual (it is likely taxable as income in that instance). Or, if he has a spouse (I’m unaware of his marital status) they could complete a split-gift to accomplish this as well.
 
BigCaneAl said:
Think it was 3M and divided by number of staff equaled 18k….who knows
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Bumps up to $16K in three weeks.

You can usually circumvent it by doing the old "half is from me, half is from my wife" routine.

More likely that he is making a large charitable contribution to the school, so then he can deduct on his 1040.
 
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Tad Footeball said:
People attack Lemonis as a self-promoter showman blah blah blah. If a dude wants to cut checks and the money is legal and with no strings attached then only b!tches look a gift horse in the mouth or question the motivation. I'm sure a janitor at Columbus doesn't give a **** today about Lemonis' social media as he comes home with an extra $18k.
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It is really getting crowded in the bat cave.
 
CorniceCane said:
Annual exclusion gift is $15,000. Perhaps he gave it to the school to dole out to the employees which would not count against individual gifts as it is a contribution to the institution and not the individual (it is likely taxable as income in that instance). Or, if he has a spouse (I’m unaware of his marital status) they could complete a split-gift to accomplish this as well.
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Listen, I'm looking for a new accountant...
 
CorniceCane said:
Annual exclusion gift is $15,000. Perhaps he gave it to the school to dole out to the employees which would not count against individual gifts as it is a contribution to the institution and not the individual (it is likely taxable as income in that instance). Or, if he has a spouse (I’m unaware of his marital status) they could complete a split-gift to accomplish this as well.
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Sorry, man, didn't mean to step on your toes. I think we were typing at roughly the same time!

Also, all apologies to any other tax experts out there, I'm more of a corporate guy, but I've worked for some family-run businesses that had some overlap between corp and individual.
 
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TheOriginalCane said:
Sorry, man, didn't mean to step on your toes. I think we were typing at roughly the same time!

Also, all apologies to any other tax experts out there, I'm more of a corporate guy, but I've worked for some family-run businesses that had some overlap between corp and individual.
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No worries. Glad to have like minded minds on here.

I do individual planning and specializes in estate and gift/transfer tax mitigation amongst other things. Not in the pure tax consulting world though. Go Canes!
 
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TheOriginalCane said:
Bumps up to $16K in three weeks.

You can usually circumvent it by doing the old "half is from me, half is from my wife" routine.

More likely that he is making a large charitable contribution to the school, so then he can deduct on his 1040.
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Whatever works for a great cause.
 
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