fansince61 Posted May 7, 2009 Share Posted May 7, 2009 If he died today his wife would inherit the team and she gets a step up in basis. She turns around and sells the team and pays zero in cap gains. This is not an estate tax issue, it's a cap gains tax issue. If he dies in 2010 there is not estate tax but also no step up. Besides there is no estate tax due when he dies...he's married. If he leaves her the team this is true. He does not have to leave the team to his wife. It could go to the kids, wife, or someone else. My Toyota friends (from deep inside OBD) think he is leaving it to Scooby. Link to comment Share on other sites More sharing options...
mousetrap08 Posted May 7, 2009 Share Posted May 7, 2009 I had this passed to me through a BMW / Mercedes driving friend that said Ralph had a change since his beloved daughter had passed before him. Ralph no longer wants to burden his family with this huge future obligation and has realized through indirect professional tax pro's he is dropping the ball not planning this out ahead of time. He will still seek concessions on behalf of the new owners and make those concessions an important part of the deal for the team to go on in Buffalo. He plans on securing his legacy of what he has accomplished and may even make an announcement around his HOF time in Canton (TBD), with part of the speech decicated to his daughter's memory. I am not that creative to make this up and pretty much have given every detail I remember as it was explained to me. GO BILLS!! P.S. My BMW had a light come on today and is going to the shop tomorrow to get it fixed. AW!!! BULLSH%&T Link to comment Share on other sites More sharing options...
NavyBillsFan Posted May 7, 2009 Share Posted May 7, 2009 Why in the hell would you take a 14 year old Hyundai Elantra to a BMW shop for repairs? You must be nuts! Link to comment Share on other sites More sharing options...
WordByrd Posted May 7, 2009 Share Posted May 7, 2009 "If Robert Ayers is on the board at #11, the Bills WILL PICK HIM" -SKOOBY yeah okay Skoob Link to comment Share on other sites More sharing options...
BillsGuyInMalta Posted May 7, 2009 Share Posted May 7, 2009 "If Robert Ayers is on the board at #11, the Bills WILL PICK HIM"-SKOOBY yeah okay Skoob That was actually me. And I apologized for that, my source misled me. One bad call. Link to comment Share on other sites More sharing options...
Cugalabanza Posted May 7, 2009 Share Posted May 7, 2009 I had this passed to me through a BMW... I think I broke the code. Link to comment Share on other sites More sharing options...
mrags Posted May 7, 2009 Share Posted May 7, 2009 We can all totally shoot down Skooby. I dont care about the post. But with everything happening to Ralph in the last 9 months it would be rediculous to think that he might not be changing his mind about this team and what he will do with it when/before he passes. He complains about how he wouldnt make enough money to stay here for years but always did. I think Ralph really wants to keep the team here and I for one can only hope that he has a bigger plan than what he has said in the past. Link to comment Share on other sites More sharing options...
Steely Dan Posted May 7, 2009 Share Posted May 7, 2009 The only thing I doubt is that he has made up his mind so soon. If such a decision was to be made I think it would take longer than a few weeks. Selling anything worth hundreds of millions of dollars is a big decision that takes time.If this came out during the later summer months I would be more likely to believe it. But i think that Ralph has to be at least taking it under consideration. It may be the best thing for Ralph to sell the franchise with a qualifier that the team has to stay in Buffalo for at least another 10 years and than longer if they agree to renovate the stadium or something to that effect. Plus the inheritance tax burden might force the sale anyway and they might not have anyone who wants to keep the bills in buffalo. If Kelly's friend buys the Bills they should be here for a veeeerrrrryyyyyy long time. If he leaves her the team this is true. He does not have to leave the team to his wife. It could go to the kids, wife, or someone else. My Toyota friends (from deep inside OBD) think he is leaving it to Scooby. My source (from inside the Mystery Machine) told me the same thing. Link to comment Share on other sites More sharing options...
Wagon Circler Posted May 7, 2009 Share Posted May 7, 2009 This picture is from the proud day he finally closed the deal on his beemer. MAN! That is one ugly ride. Link to comment Share on other sites More sharing options...
Steely Dan Posted May 7, 2009 Share Posted May 7, 2009 MAN! That is one ugly ride. So is his wife. (slinks away and hides) Link to comment Share on other sites More sharing options...
DrDawkinstein Posted May 7, 2009 Share Posted May 7, 2009 i got a double-decker. vanity plate and all! one sweeeeeeet ride Link to comment Share on other sites More sharing options...
Bullpen Posted May 7, 2009 Share Posted May 7, 2009 Aw Christ, here we go. Keep your arms and legs inside the car at all times. Make sure the safety bar is secure and in the locked position. Enjoy the ride. Gringo, this is some of your finest work. Because it's coming from SKOOB I'll give this a 1% of being true. I'm not even going to post a question about this in the Tim Graham thread. Why waste his time. I suppose it could be true because even a blind nut finds a squirrel now and again. Steely isn't the kitty s'posed to handing out fists o' fury for postings like this? Link to comment Share on other sites More sharing options...
The Senator Posted May 7, 2009 Share Posted May 7, 2009 MAN! That is one ugly ride. It's not SKOOBY's car either - here's SKOOOOBY taking the family out for a ride in his really tricked-out... SKOOOOOOBY-mobile Link to comment Share on other sites More sharing options...
Albany,n.y. Posted May 7, 2009 Share Posted May 7, 2009 If he died today his wife would inherit the team and she gets a step up in basis. She turns around and sells the team and pays zero in cap gains. This is not an estate tax issue, it's a cap gains tax issue. If he dies in 2010 there is not estate tax but also no step up. Besides there is no estate tax due when he dies...he's married. He has always stated the team is going to his daughters. His wife won't inherit the team if he still owns it, Christy Wilson Hofmann will. Link to comment Share on other sites More sharing options...
Chef Jim Posted May 7, 2009 Share Posted May 7, 2009 He has always stated the team is going to his daughters. His wife won't inherit the team if he still owns it, Christy Wilson Hofmann will. Ok so the daughter gets a step up in basis when he passes. Either way it would eliminate a huge cap gain tax paid if he sells prior to death. If he's smart he will not sell that team prior to death. Link to comment Share on other sites More sharing options...
Steely Dan Posted May 7, 2009 Share Posted May 7, 2009 i got a double-decker. vanity plate and all! one sweeeeeeet ride Gringo, this is some of your finest work. Steely isn't the kitty s'posed to handing out fists o' fury for postings like this? PUNCH!! Link to comment Share on other sites More sharing options...
DC Tom Posted May 7, 2009 Share Posted May 7, 2009 Ok so the daughter gets a step up in basis when he passes. Either way it would eliminate a huge cap gain tax paid if he sells prior to death. If he's smart he will not sell that team prior to death. Unless Congress decides to tax the capital gains at 90% as a "windfall" or "bonus" or something. And honestly, I wouldn't put that by New York State, what with their budget problems. Link to comment Share on other sites More sharing options...
BuffaloBill Posted May 7, 2009 Share Posted May 7, 2009 Classic. You set yourself up for these comments by coming up with these inane "secret source" posts. Link to comment Share on other sites More sharing options...
Chef Jim Posted May 7, 2009 Share Posted May 7, 2009 Unless Congress decides to tax the capital gains at 90% as a "windfall" or "bonus" or something. And honestly, I wouldn't put that by New York State, what with their budget problems. Well that's a whole other !@#$ing thread unfortunately...or maybe fortunately. Gets us out of this one. Link to comment Share on other sites More sharing options...
damj Posted May 7, 2009 Share Posted May 7, 2009 I had this passed to me through a BMW / Mercedes driving friend that said Ralph had a change since his beloved daughter had passed before him. Ralph no longer wants to burden his family with this huge future obligation and has realized through indirect professional tax pro's he is dropping the ball not planning this out ahead of time. He will still seek concessions on behalf of the new owners and make those concessions an important part of the deal for the team to go on in Buffalo. He plans on securing his legacy of what he has accomplished and may even make an announcement around his HOF time in Canton (TBD), with part of the speech decicated to his daughter's memory. I am not that creative to make this up and pretty much have given every detail I remember as it was explained to me. GO BILLS!! P.S. My BMW had a light come on today and is going to the shop tomorrow to get it fixed. Considering the source ... it's business as usual at the Ralph. Link to comment Share on other sites More sharing options...
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