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UConn Athletics
UConn Men's Basketball Forum
Cam Spencer
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[QUOTE="HuskyHawk, post: 4662255, member: 1414"] Plus a Challenger (possibly Hellcat). People think the kids were gifted whole cars....nah. They likely get a lease for the one year they will be there, probably have to do a commercial for the local dealership, or show up at some marketing events. There will be an interesting angle on all of this from the IRS. If the student is paid in case or merchandise, and renders a service, that's income. There will be a 1099. If the amount is disproportionate to what was provided, that's a gift, and the gifter could be on the hook for gift taxes. I doubt Congress steps in, but existing laws and regulations could still put a damper on some of the most egregious behavior. [/QUOTE]
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Cam Spencer
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