2020 Prospect: ***** 5* QB Bryce Young Commits to Bama ***** - Page 11
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  1. #131
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by Special K View Post
    Well, it will be income. So yeah, it will be taxed. That's how it works in the real world - make more money, pay more taxes. Welcome to Grown-Up Land all you scholar-athletes!
    There's all sorts of variations being floated, and nobody knows what will eventually shake out.

    One proposal that I thought was really interesting: You can make money off your image. But if you do, the value of your scholarship becomes taxable because it's now business revenue without which your image is worthless. For private schools (e.g., USCw, Stanford, Vanderbilt, TCU, SMU), and for out of state kids at public schools, that number would be substantial.

    There has also been talk that the kid would get around that by creating a non-profit entity, which would in turn pay him a "salary." I think the IRS would anticipate that, and pre-emptively shut down the possibility.

    Again, nobody knows if either, both, or neither of these will happen. But it's an illustration of how many implications are out there that nobody has thought about.
    You can't reason a man out of a position he didn't reason himself into.

  2. #132
    BamaNation All-American Special K's Avatar
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by 4Q Basket Case View Post
    There's all sorts of variations being floated, and nobody knows what will eventually shake out.

    One proposal that I thought was really interesting: You can make money off your image. But if you do, the value of your scholarship becomes taxable because it's now business revenue without which your image is worthless. For private schools (e.g., USCw, Stanford, Vanderbilt, TCU, SMU), and for out of state kids at public schools, that number would be substantial.

    There has also been talk that the kid would get around that by creating a non-profit entity, which would in turn pay him a "salary." I think the IRS would anticipate that, and pre-emptively shut down the possibility.

    Again, nobody knows if either, both, or neither of these will happen. But it's an illustration of how many implications are out there that nobody has thought about.
    I agree it will be interesting to see how all this shakes out. Without any major changes to tax code or special exemptions though, it will be normal income subject to current tax law. So now the big earners will probably have to hire accountants. And then there's the question of agents. If I can make money off my likeness, why can't I hire representation to make sure I maximize my opportunity? Can my agent give me an advance on potential earnings? If not, why not? What a mess.
    I can do all things through Christ who strengthens me.

  3. #133
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by Special K View Post
    I agree it will be interesting to see how all this shakes out. Without any major changes to tax code or special exemptions though, it will be normal income subject to current tax law. So now the big earners will probably have to hire accountants. And then there's the question of agents. If I can make money off my likeness, why can't I hire representation to make sure I maximize my opportunity? Can my agent give me an advance on potential earnings? If not, why not? What a mess.
    Yeah, for maybe the first time in my life, I think Congressional intervention will be a good thing. It'll prevent 50 states from having 50 different sets of rules, and shut down a lot of legal posturing.
    You can't reason a man out of a position he didn't reason himself into.

  4. #134
    BamaNation All-American Special K's Avatar
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    And you think it's a mess for football, just wait until the basketball guys get going with the new rules. It's gonna be bonkers.

    EDIT: Sorry for hijacking the Bryce Young thread. I'll shut up now, lol.
    Last edited by Special K; October 31st, 2019 at 12:54 PM.
    I can do all things through Christ who strengthens me.

  5. #135
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by Special K View Post
    And you think it's a mess for football, just wait until the basketball guys get going with the new rules. It's gonna be bonkers.

    EDIT: Sorry for hijacking the Bryce Young thread. I'll shut up now, lol.

    Spot on!

    BTW, I like your cereal!

  6. #136
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    Re: ***** 5* QB Bryce Young Commits to Bama *****


  7. #137
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by jambama1 View Post
    Dang......Ö.....Cant wait to see him in Crimson

  8. #138
    BamaNation All-American gtowntide's Avatar
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by jambama1 View Post
    Good grief!


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  9. #139
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by Keeter View Post
    Dang......….....Cant wait to see him in Crimson
    The other team’s QB is named “General Booty”

    SMH violently.
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  10. #140
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by CajunCrimson View Post
    The other team’s QB is named “General Booty”

    SMH violently.
    Well, at least it isnít John Bigbootay

  11. #141
    BamaNation Hall of Fame TiderJack's Avatar
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by CajunCrimson View Post
    The other team’s QB is named “General Booty”

    SMH violently.
    Wonder if he is Josh Booty's son.

  12. #142
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Definitely the same family tree...
    Quote Originally Posted by TiderJack View Post
    Wonder if he is Josh Booty's son.

  13. #143
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    Re: ***** 5* QB Bryce Young Commits to Bama *****

    Quote Originally Posted by TiderJack View Post
    Wonder if he is Josh Booty's son.
    I think Josh and John David are his uncles.
    the former CrimsonBleedRed.

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