| Author |
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Geforce
| | Posted on Tuesday, February 22, 2011 - 01:10 pm: | 
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It's a race...I mean street bike Drkside. The 40k price tag I bet is very close to what they are paying for the parts alone. You can't point at the RS without hitting a "name brand" part or high end piece on it. |
Fresnobuell
| | Posted on Tuesday, February 22, 2011 - 03:37 pm: |
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First off--I love the idea. Sorta akin to a satellite poker tourney with the winner going to the Main Event.
I'd suggest, as Brumbear already hinted, that if you think 1:400 are "really good odds", you'd be WAY ahead to put your $100 on a number at the roulette wheel where the payout is 36:1 and the odds are 1:38.
But you would have to win 11+ times betting $100 or once with over $1,100 on the number.
But you are correct as far as the percentage going to the "house." Based on $5,000 of 1190 drawing expenses you are looking at 12.5% to the "house"--more than double percentage-wise than betting one number on the roulette table. |
Ezblast
| | Posted on Tuesday, February 22, 2011 - 04:13 pm: |
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Still the only chance I'd have of owning one of those puppies - I'm still in!
EZ |
Fresnobuell
| | Posted on Tuesday, February 22, 2011 - 05:03 pm: |
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And the purchase would be tax free if a nonprofit org pays for it
I don't think this is the case. NOn-profits are exempt from income tax, but I don't believe the same can be said about sales tax. The proper way would be for the non-profit to simply hold the cash and forward to Erik Buell Racing. Sales tax would be state-dependent.
And on that note, we are probably screwed here in Cali anyway. I hate this State (at least the Socialist govt).} |
Court
| | Posted on Tuesday, February 22, 2011 - 06:35 pm: |
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>>>>I don't like gambling. Don't want to support it here.
Nor do I . . . mindful that these things are quite complicated (yes, many bingo parlors slip by but we can't, Badweb or Erik Buell Racing, take that risk) and most the "innovative" ways to skirt taxes mentioned so far are federal felonies.
I don't want the Homecoming 2012 crowd short a couple folks who we have to mail shirts to Joliet . . .
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Ezblast
| | Posted on Tuesday, February 22, 2011 - 07:00 pm: |
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lol
but with a list built it would be easier to know who to sell tickets to -
your right, the badweb should not be involved officially in any capacity, though folks on the badweb could take this idea and run, and voila a built list, but such an undertaking could be done legally, it would be detail fraught, meaning someone would have to volunteer a wild amount of hours and money outlay to get it done. Still a guy can dream - lol - reality is street insurance for such a bike and tags each year would deter the average guy from even owning such a bike, I tell myself all the practical reasons that I should not want that bike, still when I look at it, I want it - the 1190RS CF is totally top of the line, and the design is awesome - the new engineering alone in the bike is worth the price, and then the components used in the build - wow - that bikes smoken hot!
EZ |
Rex
| | Posted on Tuesday, February 22, 2011 - 07:15 pm: |
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I would probably put $100 for a chance to win. keep in mind: ( or even $200)
-You will need to put this down as $40,000 in income for your taxes. It will probably cost you $20,000 for for the bike.
-Sounds like this could be something for a charity to do.
Charge $200 for a chance. Sell the numbers you need to give away a bike, and also donate the same amount of money to a really good charity. the charity can handle the details. they would get money and would be able to buy the bike to give away. REX |
Fresnobuell
| | Posted on Wednesday, February 23, 2011 - 12:37 pm: |
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Keep track of your gambling losses, you high rollers. I would think the gain of this bike could be offset some by gambling losses.
You will need to put this down as $40,000 in income for your taxes. It will probably cost you $20,000 for for the bike.
If there was a 50% tax bracket, those people could afford the extra tax. I would think it would be closer to $10,000 in income tax for most of us.
(Message edited by fresnobuell on February 23, 2011) |
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