clancynut Posted October 7, 2011 Share Posted October 7, 2011 (edited) I think in that scenario Ralph and his heirs are taxed twice: cap gains when he sells the team, estate when he leaves proceeds to his heirs. Exactly correct. That is why he will not sell the team while he is alive because then he would have to pay BOTH capital gains tax on the profit (for argument's sake $800 million - $25,000) and then when he dies, his estate would have to pay estate tax on the value of his assets he owns at death (minus any property he bequeaths to his wife which falls under the marital exemption). (And no, if he bequeaths the team to his wife it won't help because then it will still be subject to estate tax on her death.) Now 9 pages of speculation on a teenager's tweet. Thanks for clearing this up. Edited October 7, 2011 by clancynut Link to comment Share on other sites More sharing options...
bbb Posted October 7, 2011 Share Posted October 7, 2011 Exactly correct. That is why he will not sell the team while he is alive because then he would have to pay BOTH capital gains tax on the profit (for argument's sake $800 million - $25,000) and then when he dies, his estate would have to pay estate tax on the value of his assets he owns at death (minus any property he bequeaths to his wife which falls under the marital exemption). (And no, if he bequeaths the team to his wife it won't help because then it will still be subject to estate tax on her death.) Now 9 pages of speculation on a teenager's tweet. I think about 7 pages are those complaining how many pages the thread is. Link to comment Share on other sites More sharing options...
San Jose Bills Fan Posted October 7, 2011 Share Posted October 7, 2011 So am I to understand that Chad Kelly has now deleted his Twitter account? Link to comment Share on other sites More sharing options...
FluffHead Posted October 7, 2011 Share Posted October 7, 2011 I suggest the rest of the posts in this thread are written in Chadwick Kelly language. Preciate it bros. Link to comment Share on other sites More sharing options...
bbb Posted October 7, 2011 Share Posted October 7, 2011 So am I to understand that Chad Kelly has now deleted his Twitter account? Yup. Link to comment Share on other sites More sharing options...
San Jose Bills Fan Posted October 7, 2011 Share Posted October 7, 2011 Yup. Thanks bbb. This lends a bit more intrigue… at least it does for me. Even if one keeps their imagination on a short leash… these dots can be easily connected. Almost too easily. Link to comment Share on other sites More sharing options...
bbb Posted October 7, 2011 Share Posted October 7, 2011 Thanks bbb. This lends a bit more intrigue… at least it does for me. Even if one keeps their imagination on a short leash… these dots can be easily connected. Almost too easily. Yeah, that's what I said this morning. He had 2-3000 followers and if he just ends the account like that, I would think something important was getting leaked. Link to comment Share on other sites More sharing options...
RTW2012 Posted October 7, 2011 Share Posted October 7, 2011 We need Patrick Moran on this, stat! Link to comment Share on other sites More sharing options...
papazoid Posted October 7, 2011 Share Posted October 7, 2011 A regular chip off the ol' liquor bottle. PTR he's been seen boozin at gecko's on hertel ave. Link to comment Share on other sites More sharing options...
PromoTheRobot Posted October 7, 2011 Share Posted October 7, 2011 The Bills new owner is a Nigerian prince who e-mailed Chad needing to hide a couple billion dollars in the USA. PTR Link to comment Share on other sites More sharing options...
jimmy10 Posted October 7, 2011 Share Posted October 7, 2011 (edited) I totally agree this kid is a typical teenage goon, but he's also a goon who happens to be a member of one of two families that knows more than anyone in the world what the future may hold for the Bills. It's totally plausible that he overheard something and decided to tweet about it. The fact that his tweets and indeed his whole profile disappeared within like 24 hours certainly smells like damage control. Teenagers have a hard time understanding the scope and impact of their actions, and probably even more so when they're wealthy, highly-touted college football prospects with direct ties to NFL royalty and a couple thousand twitter followers. Or this could all be about contract talks with a new urinal cake distributor. Who knows. Maybe we'll know more this weekend. Question: For those of us who have left WNY, is this being covered or talked about ANYwhere in the media up there, or is TSW the only place breaking this story? Edited October 7, 2011 by jimmyo Link to comment Share on other sites More sharing options...
buffaloboyinATL Posted October 7, 2011 Share Posted October 7, 2011 Question: For those of us who have left WNY, is this being covered or talked about ANYwhere in the media up there, or is TSW the only place breaking this story? I have heard nothing outside of the Stadium walls. Link to comment Share on other sites More sharing options...
Doc Posted October 7, 2011 Author Share Posted October 7, 2011 Good thread peeps. Keep it going. Link to comment Share on other sites More sharing options...
Chandler#81 Posted October 7, 2011 Share Posted October 7, 2011 I have heard nothing outside of the Stadium walls. clever. To those wasting space about the number of posts & pages here, check out the number of hits on the thread. It speaks volumes to the interest in this story/non-story. In the event the gist has passed you by, it's an intriguing view into our most fervent hopes. If y'all hate the growing number of pages, you're likely gonna 'lose it' with the thread bumps. So prepare yourselves.. Link to comment Share on other sites More sharing options...
EasternOHBillsFan Posted October 7, 2011 Share Posted October 7, 2011 Number 10! Number 10! Link to comment Share on other sites More sharing options...
saundena Posted October 7, 2011 Share Posted October 7, 2011 (edited) I totally agree this kid is a typical teenage goon, but he's also a goon who happens to be a member of one of two families that knows more than anyone in the world what the future may hold for the Bills. It's totally plausible that he overheard something and decided to tweet about it. The fact that his tweets and indeed his whole profile disappeared within like 24 hours certainly smells like damage control. Teenagers have a hard time understanding the scope and impact of their actions, and probably even more so when they're wealthy, highly-touted college football prospects with direct ties to NFL royalty and a couple thousand twitter followers. Or this could all be about contract talks with a new urinal cake distributor. Who knows. Maybe we'll know more this weekend. Question: For those of us who have left WNY, is this being covered or talked about ANYwhere in the media up there, or is TSW the only place breaking this story? Damage control is a good term to use I think. I'm actually surprised that no one else has picked up on this story- Granted all we have to go on are the musings of Chad Kelly, but like you said, his family is one of two that would happen to have privy info regarding the future of the Buffalo Bills- where there is smoke, there is fire.... Edited October 7, 2011 by saundena Link to comment Share on other sites More sharing options...
papazoid Posted October 7, 2011 Share Posted October 7, 2011 chadwick plays this saturday vs Ohara at 2pm (believe its at st joe's) maybe jimbo and "the new man" will attend. Link to comment Share on other sites More sharing options...
ICanSleepWhenI'mDead Posted October 7, 2011 Share Posted October 7, 2011 (edited) . . . The fact that his tweets and indeed his whole profile disappeared within like 24 hours certainly smells like damage control. Teenagers have a hard time understanding the scope and impact of their actions, and probably even more so when they're wealthy, highly-touted college football prospects with direct ties to NFL royalty and a couple thousand twitter followers. Or this could all be about contract talks with a new urinal cake distributor. Who knows. Maybe we'll know more this weekend. . . . Hard to argue that there is no damage control happening here, but the question is, what damage is someone trying to prevent? Your point about teenagers in general seems right to me - - and there is reason to think that this particular kid may have more trouble than most understanding the way others will judge his actions (perhaps for the reasons you suggest): http://www.gametimepa.com/ci_13570599 Sophomore quarterback Chad Kelly has been dismissed from the Red Lion High School football team, Lions coach Pat Conrad confirmed Thursday. "He's off the team and I don't want to go into any further details," Conrad said. Conrad wouldn't elaborate on the reasons for Kelly's dismissal, but said the decision was made "earlier this week." Kelly, the nephew of NFL Hall of Famer Jim Kelly, was suspended for Red Lion's home game last Friday against Dover, which the Lions won, 55-13. Afterward, Conrad refused to disclose the reason for the suspension, saying the team would handle the situation "in house." Chad Kelly started the first five games this season for Red Lion (3-3, 2-1 in YAIAA Division I), ranking second in the league in passing yards during that time. In his last game, an Oct. 2 win at Spring Grove, Kelly set single-game school records by throwing for 285 yards and five touchdowns. Kelly was also suspended for the Lions' final seven games of last season for undisclosed reasons. I've read that Chad has verbally committed to Clemson University, but I've also read that other college coaches are still contacting him, trying to get him to change his mind about which school he will attend. http://app.watchgamefilm.com/_files/disk0/02EE1DD4-728A-41C3-9AAC-6ADD2FAA0925/docs/4C2FE7E2-23B5-468C-A446-C60BF02CE937.pdf Earlier this spring, Kelly gave a verbal commitment toplay football at Clemson. “I just loved everything about Clemson,” Kelly said. “Everything from the coaches, to the players, to the people in the Pancake House. Everyone down there was great.” He also says he is thrilled that Clemson will host Furman in his second college game - meaning he will get to see former Canisius QB Travis Eman. “I canʼt wait to see Travis,” Kelly said. “What a great quarterback.” Kelly is still learning how to handle fame. He has over 1,500 followers on his Twitter account... something that bothers his Uncle Jim. “Uncle Jim tells me all the time that everything I say and everything I do is going to be seen by somebody,” Kelly said, “and I wonʼt be able to hide anything. If I do something stupid for two seconds, it could be the dumbest two seconds of my life.” I don't follow college football recruiting, so I don't know the rules. I'm assuming, but not certain, that if Chad can still change his mind about where to accept a scholarship, Clemson can still change its mind and withdraw its existing scholarship offer. Under these circumstances, if my assumption about his Clemson scholarship not being binding on either side yet is correct, I can see how his parents/family might see potential risk in letting the kid continue to tweet. Given his past disciplinary issues at Red Lion, PA, why risk letting the kid get embroiled in ANY controversy that might impact his choice of colleges? So maybe the damage being prevented has nothing to do with who the next owner of the Bils will be, and everything to do with protecting the kid's ability to maintain the tentative scholarship commitment from the college he has already decided he wants to attend. Even if the Bills-related news he's hinted at turns out to be relatively unimportant, if it's something the Bills wanted to be first to disclose, it reflects badly on the judgment of uncle Jim (for telling his nephew the info at all) and on Chad (for the ego-pumping hints about having inside Bills info). In my view, although Chad could know something important about the Bills, there could be parental/family damage control happening for other reasons. Haiku if he was my kid: Chad tweets about Bills Clemson scholarship at risk So bye-bye twitter Just my 2 lira. Edited October 7, 2011 by ICanSleepWhenI'mDead Link to comment Share on other sites More sharing options...
Pyrocles Posted October 7, 2011 Share Posted October 7, 2011 Schopp and the Bulldog mentioned this briefly yesterday around 4:15 or so, for what it's worth (not much really). They were cautiously excited about what this could mean. Bulldog wanted this to be like the beginning of the Pegula rumors. They actually likened this to Pegula's daughter leaking the failed attempt to get Brad Richards on her Twitter account. I have heard nothing outside of the Stadium walls. Link to comment Share on other sites More sharing options...
clancynut Posted October 7, 2011 Share Posted October 7, 2011 (edited) Hopefully this means there is a plan in place to keep the Bills in Buffalo for the long term. Maybe Ralph agreed to purchase price with a potential buyer to make things easier for his estate when he passes? Also to any tax experts out there, what would be the tax burden to his heirs if he were to sell the team now and divide the profits amongst those named in his estate now prior to his death P.S. Page 10!!!! Edited October 7, 2011 by clancynut Link to comment Share on other sites More sharing options...
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