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Steelers coach sells Mercedes to team cafeteria worker for $20
Yahoo Sports ^ | August 3, 2011

Posted on 08/04/2011 10:25:56 AM PDT by Wolfie

Steelers coach sells Mercedes to team cafeteria worker for $20

A cook at the Pittsburgh Steelers team complex is driving around in a red Mercedes convertible thanks to an unexpected and generous deal from the franchise's former secondary coach.

On his final day in Pittsburgh before taking over as defensive coordinator for the Arizona Cardinals, Ray Horton gave his 1999 Mercedes SL500 to cafeteria worker Maurice Matthews.

The cook had always kidded around with Horton, telling him he was coaching his position and asking when he'd be allowed to drive his sports car. Horton would jokingly reply, "you can't afford the gas in it."

But on his final day in Pittsburgh, Horton approached Matthews to say goodbye and asked if he could borrow whatever money he had in his pocket. When Matthews handed over a twenty, Horton said "sold for $20!" and handed him the keys to his car.

(Excerpt) Read more at sports.yahoo.com ...


TOPICS: Culture/Society
KEYWORDS: nfl

1 posted on 08/04/2011 10:26:02 AM PDT by Wolfie
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To: Wolfie

Rush also did this for someone who was nice to him in Sacramento (most treated him very badly).

I heard about it through some friends. He never talked about it —ever.


2 posted on 08/04/2011 10:29:13 AM PDT by gaijin
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To: Wolfie

Wait till the IRS knocks on his door.


3 posted on 08/04/2011 10:30:31 AM PDT by outpostinmass2
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To: Wolfie

Nice gesture but the coash has nothing on Obama who has given away 100’s of billions....


4 posted on 08/04/2011 10:32:23 AM PDT by isthisnickcool (Sharia? No thanks.)
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To: isthisnickcool

“Nice gesture but the coash has nothing on Obama who has given away 100’s of billions....”

###

Coach gave away his own asset.

Obama and the Commies have their hands in YOUR pockets, as is invariably, their modus operandi..


5 posted on 08/04/2011 10:35:44 AM PDT by EyeGuy (2012: When the Levee Breaks)
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To: Wolfie

Those musta been some darn good grilled cheese sandwiches!


6 posted on 08/04/2011 10:38:47 AM PDT by moovova ("Kenyan Kalamity's 2012 National Bus Tour" tickets now available...)
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To: outpostinmass2

for what buying a used car? The IRS can only get involved if he resells it makes a profit and doesn’t report it... its the insurance that’s gonna kill him.


7 posted on 08/04/2011 10:41:11 AM PDT by SouthernBoyupNorth ("For my wings are made of Tungsten, my flesh of glass and steel..........")
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To: gaijin
He never talked about it —ever.

And that speaks volumes about his character, doesn't it?

8 posted on 08/04/2011 10:43:56 AM PDT by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: SouthernBoyupNorth

” ...its the insurance that’s gonna kill him.”

Won’t be too bad. As long as the cook is over 25 with a reasonably clean driving record, the insurance on a 13 year old car won’t be bad.


9 posted on 08/04/2011 10:45:09 AM PDT by brownsfan (I miss the America I grew up in.)
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To: EyeGuy
Obama and the Commies have their hands in YOUR pockets, as is invariably, their modus operandi..


10 posted on 08/04/2011 10:49:26 AM PDT by Netizen
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To: SouthernBoyupNorth

Its a gift. I think it may have to be reported as income.


11 posted on 08/04/2011 10:50:56 AM PDT by chopperman
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To: chopperman
Its a gift. I think it may have to be reported as income.

I know it's a gift. The coach knows. The cook knows. You know. To the IRS, it's a sale. They each received something of value, so it was a sale. No profit or taxable income on either side.

12 posted on 08/04/2011 10:54:43 AM PDT by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
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To: chopperman

It is not a gift, $20.00 cash was paid for it.


13 posted on 08/04/2011 10:56:11 AM PDT by sniper63 (Ever wonder why they call themselves Hamas, but don't eat pork?)
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To: Netizen

IRS or not... many states have laws that require sales tax on the actual value of the vehicle if the sales price is below that. So if the Blue Book value of the car is $20,000, 8% sales tax is $1,600. Still a bargin, but much more the $20.


14 posted on 08/04/2011 10:56:56 AM PDT by FiddlePig (truth is hard... lies are easy - http://redneckoblogger.blogspot.com)
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To: Wolfie

Great story. Hope the cook enjoys his new car. As said before the insurance will be steep or may not depending on his driving record. I’m thinking what the cost of registration and servicing the vehicle.


15 posted on 08/04/2011 10:59:03 AM PDT by Dawgreg (Happiness is not having what you want, but wanting what you have.)
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To: Wolfie
Man, the amount of tax advice on this thread is worth every penny that was paid for it (as in 0¢).

Hint: "What is considered a gift? Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return."

IRS.gov

Here's another hint: The IRS will get their money in just about all cases.

16 posted on 08/04/2011 11:01:19 AM PDT by GreenAccord (Bacon Akbar)
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To: sniper63

Not to the IRS. It’s a gift. Gift taxes are the responsibility of the giver, so the cafe worker doesn’t need to worry. The annual exclusion is 13k per person or so, if the coach is married, there is no tax issue. Then there’s the lifetime gift exclusion, so you really don’t have gift tax issues until the lifetime exclusion is used up, but he may need to file a gift tax return.

It’s all tied in with the death tax too. It’s another reason to get rid of the income and death tax altogether.


17 posted on 08/04/2011 11:14:00 AM PDT by sox_the_cat
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18 posted on 08/04/2011 11:22:23 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: Puppage
And that speaks volumes about [Rush's] character, doesn't it?

Yup, and I'll tell you more: Know why he lived in el cheapo, run-down Rio Linda? Cuz at the time he couldn't AFFORD to live in any other part of Sacramento..!

Think about that --I mean...this is a guy who came from a family of lawyer after lawyer. That's how "real" he was. And is. And he didn't complain.

When he finally made a little extra money, he drove up to Lake Tahoe (about 2 hours away) in a beat-up, smoking Monte Carlo, and had to pull over about 5 times on those mountain roads, cuz his beater boat was over-heating. Keeping it real? Yup....

One time some local radio liberal exec big-shot invited Rush to dinner with some important people. Rush was still trying to make it, and unassumingly went to the dinner. But they were all super nice to him, right? NOPE: the guy devoted the entire dinner to telling Rush --this guy's dinner guest-- how STUPID he was, and how his show (which was booming) would never make it. He literally pushed everything aside and read Rush the riot act the whole time, with all these rich libs looking on, giggling.

And Rush just showed his class, and took it unflinchingly, like a good guest, and didn't make a scene.

And they drove from hundreds of miles from around Sacramento, to peak over the fence behind the dome theaters, just to see that fat guy walking into work for 5 seconds.

That was Rush.

19 posted on 08/04/2011 11:30:48 AM PDT by gaijin
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To: chopperman
Its a gift. I think it may have to be reported as income.

The gift tax is on the giver, not the receiver.

20 posted on 08/04/2011 11:32:37 AM PDT by Mannaggia l'America
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To: Wolfie

Edmunds says the true market value is $10,688.

It is a gift and there is not tax to either the giver or recipient since the value is under the gift limit.

http://www.edmunds.com/mercedes-benz/sl-class/1999/?ps=used&sub=convertible&zip=27606


21 posted on 08/04/2011 11:38:13 AM PDT by Andy from Chapel Hill
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To: Wolfie
The next day he drove Horton to the airport and received all the paperwork to take ownership of the car. With 64,000 miles on it, Matthews ended up paying $20 for a vehicle that carries a Kelly Blue Book value of $17,735.
22 posted on 08/04/2011 11:48:32 AM PDT by submarinerswife (Insanity is doing the same thing over and over, while expecting different results~Einstein)
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To: FiddlePig

Our state changed how they do things. They used to accept $1 sales for vehicles. Now they set a limit on how low a vehicle can sell for. Don’t recall but think at $100.


23 posted on 08/04/2011 11:50:09 AM PDT by Netizen
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To: Pollster1
To the IRS, it's a sale.

The DMV will get their tax.

24 posted on 08/04/2011 11:51:11 AM PDT by submarinerswife (Insanity is doing the same thing over and over, while expecting different results~Einstein)
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To: outpostinmass2

Exactly! Just like all those people in Oprah’s audience who found out they had to pay the taxes on the new cars she gave them.


25 posted on 08/04/2011 11:52:04 AM PDT by Pining_4_TX ( The state is the great fiction by which everybody seeks to live at the expense of everybody else. ~)
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To: Wolfie

26 posted on 08/04/2011 11:54:57 AM PDT by InterceptPoint (w)
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To: outpostinmass2

Wait till the IRS knocks on his door

Not to mention the Commonwealth of PA and Allegheny County.
They ain’t walking away with 7% sales tax on twenty bucks.


27 posted on 08/04/2011 11:58:37 AM PDT by Buckeye McFrog
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To: Andy from Chapel Hill

“not” = “no”
sorry...


28 posted on 08/04/2011 12:39:28 PM PDT by Andy from Chapel Hill
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To: outpostinmass2

The IRS cannot do anything about it. He didn’t get the car for nothing, he paid 20 bucks for it. If he sells it for more than 20, then he has to declare the profit, other than that he is within the law, which is why the guy “sold” him the car instead of giving it to him, which would have cost him plenty in taxes.


29 posted on 08/04/2011 12:48:44 PM PDT by calex59
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To: sox_the_cat

Gift taxes are the responsibility of the giver.


You’re a little off. This has nothing to do with the giver’s eventual estate taxes.

The state may want to collect sales tax on the actual value.

The IRS (and state) may treat the transfer in excess of payment as imputed income, since they have effectively an employer-employee relationship. The recipient has a good argument that this has nothing to do with compensation for work, or an employment bonus.

Gift and estate taxes are relevant, until coach dies.


30 posted on 08/04/2011 1:09:20 PM PDT by Atlas Sneezed (Government borrowing is Taxation without Representation)
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To: Wolfie

The story is a beautiful one. The comments about the taxes is a reflection on our tax system that is 1) confiscatory 2) arbitrary/ open to interpretation 3) unfair in any sense of the word. It is amazing that generosity would be taxed. But I believe this is no less different than the estate tax where the generosity to relatives is taxed. Render unto Ceaser...


31 posted on 08/05/2011 1:30:12 PM PDT by lfrank
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