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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783231
04/21/15 02:53 AM
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Joined: Apr 2011
Posts: 904
WeaponOfBassDestruction
Pro Angler
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Pro Angler
Joined: Apr 2011
Posts: 904 |
What I'm not understanding is how was he eligible to fish the event without a boat? I never knew that was allowed.
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783297
04/21/15 03:12 AM
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Joined: Jun 2012
Posts: 20,804
Douglas J
TFF Guru
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TFF Guru
Joined: Jun 2012
Posts: 20,804 |
What an awesome deed and kind gesture!!
needed to hear something like this today, Thanks for sharing .....
#MFGA
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783401
04/21/15 03:50 AM
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Joined: Jun 2012
Posts: 1,390
Andrew Y'Barbo
Extreme Angler
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Extreme Angler
Joined: Jun 2012
Posts: 1,390 |
Fred Tillman McMahon is the man who gave the boat away. A Very honorable man.
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Re: Man gives away boat at McDonald's Tournament
[Re: WeaponOfBassDestruction]
#10783457
04/21/15 04:24 AM
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Joined: Jun 2009
Posts: 1,067
HatCamBass
Extreme Angler
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Extreme Angler
Joined: Jun 2009
Posts: 1,067 |
What I'm not understanding is how was he eligible to fish the event without a boat? I never knew that was allowed. The rules on their website say that bank fishing is permissible.
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783527
04/21/15 05:41 AM
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Joined: Feb 2013
Posts: 1,442
Samuel Ragle
Extreme Angler
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Extreme Angler
Joined: Feb 2013
Posts: 1,442 |
It's to my understanding that, if that man did not win the boat, but the guy who did gave it to him. Then he doesn't have to pay sales tax on it. However the other guy would've payed it. Right? You don't pay for something given to you or it ceases to be a gift and is a wage (earning) which you would have to pay on
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783550
04/21/15 06:54 AM
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Joined: Feb 2011
Posts: 5,545
timwins31
TFF Celebrity
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TFF Celebrity
Joined: Feb 2011
Posts: 5,545 |
That is beyond impressive. What a man. I think he just added a few coins to his karma piggy bank. . .
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783742
04/21/15 12:31 PM
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Joined: Aug 2007
Posts: 2,743
Phoenix_Ed
Extreme Angler
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Extreme Angler
Joined: Aug 2007
Posts: 2,743 |
Thanks for sharing how it happened, I did not realize it was down to the two of them in a drawing, that is beyond cool. Hat's off to Mr. McMahon for his generosity. Talk about paying it forward.
Wishin I was fishin!! ..............>(((//*> 2021 Phoenix 819 - Mercury 200 4 Stroke - Ultrex Her name is Novia Número Cinco. Humminbird Helix 10 Mega DI - Helix 12 Mega SI - Mega 360 PB Largemouth - 9.51 - Toledo Bend - March 2014
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783777
04/21/15 12:50 PM
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Joined: Apr 2007
Posts: 548
1442
Pro Angler
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Pro Angler
Joined: Apr 2007
Posts: 548 |
here's the deal. Mr. McMahon didn't actually WIN the boat. He gave up his chance of winning, so that the bank fisherman would win. After that, Bob Sealy revealed the next name drawn who would have had to step down and it was the bank fishermans name. With that McMahon would have won the boat had it gone that far, but a winner was not declared by draw, and the bank fisherman was declared the winner.
I saw an elimination boat contest at the big bass splash on lake fork once where it came down to two people left just like this one did. One man offered the other one $3500 to step down and the other man took it because he said he needed the money. The winner actually bought the other guys chance to win for $3500 and automatically became the winner. When Bob Sealy drew the final name to see who would have actually won had the contest finished by draw, it was the man who took the money who would have won the boat.
I've won a boat in one of these tournaments before and a bad boy buggy. I was offered to take a cash amount to not take possession of the bad boy buggy by the dealer who supplied the prize, and was made offers to sell the boat by people not associated with the tournament. AS I understood it, I could have sold the boat and the paper work would have been done in the buyers name instead of mine. At that time Bob Sealy was the dealer who supplied the boat and did the paper work for it.
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10783971
04/21/15 01:41 PM
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Joined: Aug 2006
Posts: 746
wacopops
Pro Angler
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Pro Angler
Joined: Aug 2006
Posts: 746 |
Tipping my hat to him. Kind of person I would enjoy fishing with.
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10784020
04/21/15 01:53 PM
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Joined: Jun 2006
Posts: 2,497
John Anderson
Extreme Angler
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Extreme Angler
Joined: Jun 2006
Posts: 2,497 |
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10784101
04/21/15 02:18 PM
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Joined: Oct 2014
Posts: 466
plasma800
Angler
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Angler
Joined: Oct 2014
Posts: 466 |
I wonder who get's to pay the tax on it Someone's getting the MSRP of that boat tacked onto their income this year
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10784115
04/21/15 02:23 PM
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Joined: Oct 2013
Posts: 2,578
UTDmiller
Extreme Angler
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Extreme Angler
Joined: Oct 2013
Posts: 2,578 |
Who ever signs for the boat, will pay the taxes. Any gift value over a certain amount is also taxable, I believe it is 10K but you don't deal with that much. Any winnings are taxable, but im sure some people don't report what they win. I know at a lot of these big tournaments you fill out your W-2G before you receive your winnings which is then mailed to you later on for filing taxes. A good way to avoid taxes associated with fishing is to set up a fishing business, then you can write off your expenses to knock any winnings down to 0
John Miller
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10784127
04/21/15 02:26 PM
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Joined: Mar 2015
Posts: 270
OnEm247
Angler
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Angler
Joined: Mar 2015
Posts: 270 |
Really badass thing to do!!
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Re: Man gives away boat at McDonald's Tournament
[Re: UTDmiller]
#10784157
04/21/15 02:37 PM
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Joined: Oct 2014
Posts: 466
plasma800
Angler
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Angler
Joined: Oct 2014
Posts: 466 |
Who ever signs for the boat, will pay the taxes. Any gift value over a certain amount is also taxable, I believe it is 10K but you don't deal with that much. Any winnings are taxable, but im sure some people don't report what they win. I know at a lot of these big tournaments you fill out your W-2G before you receive your winnings which is then mailed to you later on for filing taxes. A good way to avoid taxes associated with fishing is to set up a fishing business, then you can write off your expenses to knock any winnings down to 0 Certainly the tournament would send in a 1099 with your name on it. I'm thinking that any winnings by contest, game, (game show), lottery is tacked right on as income for the market value of the prize received. So if the boat msrp's at say 65k, it would just as if you earned an extra 65k that year in regular income. If it bumps your tax bracket, so be it. He might have to pay in 20k+ just for winning the boat The guy who won the very first survivor was actually convicted and jailed for not claiming his winnings - whoops. haha What's worse is, people who win prizes in states that have an income tax, also get to pay that state. So say you fly to cali and win big on "the price is right"... you get to pay the GOV and the State income taxes, regardless of where you actually live.
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Re: Man gives away boat at McDonald's Tournament
[Re: Jarrett Latta]
#10784564
04/21/15 04:57 PM
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Joined: May 2009
Posts: 1,812
redskeeter190
Extreme Angler
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Extreme Angler
Joined: May 2009
Posts: 1,812 |
You sell a boat or something to a person....he'll remember you for a few months.....GIVE it to him....he'll remember you FOREVER.......
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