Tennessee Vols Basketball Recruiting

#6,077
#6,077
cncchris33 said:
One word: cash

Although, even in cash, if you are hiding $200K, then by the IRS's definition, you are a criminal.
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So you can show up at the Chevy dealership these days and throw down a sack full of $20’s and walk out with a car?

My banker told me a few years back that if a person deposits $10K or more in cash that it gets reported to the government. Don’t know for sure if that was or still is true. Show up with $200K in cash and you might get arrested for criminal activity?
 
#6,078
#6,078
walkenvol said:
So you can show up at the Chevy dealership these days and throw down a sack full of $20’s and walk out with a car?

My banker told me a few years back that if a person deposits $10K or more in cash that it gets reported to the government. Don’t know for sure if that was or still is true. Show up with $200K in cash and you might get arrested for criminal activity?
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That is true in financial institutions as it relates to deposits/withdrawals, but not private transactions to my knowledge. What you're referring to is part of the Bank Secrecy Act.
 
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#6,080
#6,080
walkenvol said:
So you can show up at the Chevy dealership these days and throw down a sack full of $20’s and walk out with a car?

My banker told me a few years back that if a person deposits $10K or more in cash that it gets reported to the government. Don’t know for sure if that was or still is true. Show up with $200K in cash and you might get arrested for criminal activity?
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It isn’t the kind of thing where you immediately go out and make a big purchase and attempt to pay cash, necessarily. If you want a car and want to pay for it with “dirty” money, you buy private, or you funnel the money thru someone else and pay them off.
 
#6,081
#6,081
cncchris33 said:
It isn’t the kind of thing where you immediately go out and make a big purchase and attempt to pay cash, necessarily. If you want a car and want to pay for it with “dirty” money, you buy private, or you funnel the money thru someone else and pay them off.
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This reminds me of Peter Givins and pals trying to figure out how to launder stolen money!
 
#6,082
#6,082
Chris4Vols22 said:
That is true in financial institutions as it relates to deposits/withdrawals, but not private transactions to my knowledge. What you're referring to is part of the Bank Secrecy Act.
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It applies to any business in its ordinary course of transactions. It’s a form 8300. If you pay for many things over $10k in cash, then it should be reported. But there are some exceptions.
 
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#6,083
#6,083
Jack Burton said:
Bill Burr was right. We have an epidemic of gold diggers in America.

NSFW
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One of my favorite all time stand up bits. Burr is a master of tackling an uncomfortable topic and digging himself out of the hole to get the audience on his side. I'd put Bill Burr with the all time greats like Pryor, Carlin, Chappelle, etc
 
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#6,084
#6,084
Do we have any idea how many spots we'll have next year? I know Bailey graduates, and there's a good chance Chandler is one and done. Do we expect BHH to be one and done as well?
 
#6,086
#6,086
walkenvol said:
So you can show up at the Chevy dealership these days and throw down a sack full of $20’s and walk out with a car?

My banker told me a few years back that if a person deposits $10K or more in cash that it gets reported to the government. Don’t know for sure if that was or still is true. Show up with $200K in cash and you might get arrested for criminal activity?
Click to expand...
Couldn’t you just deposit it over time in smaller installments and open accounts at multiple banks if you’re in a hurry?
 
#6,087
#6,087
Col_Cathcart said:
Couldn’t you just deposit it over time in smaller installments and open accounts at multiple banks if you’re in a hurry?
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I wouldn't deposit it anywhere but under my mattress. Putting it in bank accounts, even multiple ones at multiple banks, puts you on the government's radar. All those accounts are tied together by your social security number.
 
#6,088
#6,088
Col_Cathcart said:
Couldn’t you just deposit it over time in smaller installments and open accounts at multiple banks if you’re in a hurry?
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That looks even shadier than one large deposit. I used to be a teller and anything over $3k straight cash either coming or going required a cash transaction report.
 
#6,089
#6,089
VolBalla2014 said:
One of my favorite all time stand up bits. Burr is a master of tackling an uncomfortable topic and digging himself out of the hole to get the audience on his side. I'd put Bill Burr with the all time greats like Pryor, Carlin, Chappelle, etc
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Burr went up in my book after all of a sudden he showed up as an actual talented actor in The Mandalorian.
 
#6,091
#6,091
I think a lot of yall are looking at it from an IRS perspective, but I don't think you necessarily have to do anything like that. When anybody can set up a GoFundMe and have total strangers donate to it, as long as the the money is properly claimed and taxed, the govt doesn't care. The NCAA doesn't have the resources or authority to ask for everyone's tax returns to check revenue streams either. So how can you really stop and police it without someone spilling the beans and offering up evidence?

Anybody that has the money to pony up for recruiting probably is extremely wealthy and probably has multiple businesses they own. It wouldn't be hard to pay a "consulting fee" or "marketing fee" out of a couple of those, and as long as the proper taxes are paid and filed, nobody is sniffing around. Now you might get your business in some hot water, but if you are the owner and operator, who can really tell you how to spend the money? Not to mention you can gift anybody money. Just make sure the paperwork is legit and taxes are paid and you're good to go.

Being shady with the NCAA and recruiting is not mutually exclusive to being shady with the IRS.
 
#6,092
#6,092
Vols8086 said:
I think a lot of yall are looking at it from an IRS perspective, but I don't think you necessarily have to do anything like that. When anybody can set up a GoFundMe and have total strangers donate to it, as long as the the money is properly claimed and taxed, the govt doesn't care. The NCAA doesn't have the resources or authority to ask for everyone's tax returns to check revenue streams either. So how can you really stop and police it without someone spilling the beans and offering up evidence?

Anybody that has the money to pony up for recruiting probably is extremely wealthy and probably has multiple businesses they own. It wouldn't be hard to pay a "consulting fee" or "marketing fee" out of a couple of those, and as long as the proper taxes are paid and filed, nobody is sniffing around. Now you might get your business in some hot water, but if you are the owner and operator, who can really tell you how to spend the money? Not to mention you can gift anybody money. Just make sure the paperwork is legit and taxes are paid and you're good to go.

Being shady with the NCAA and recruiting is not mutually exclusive to being shady with the IRS.
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The donors are unlikely to be subject to backup withholding. The onus is pretty much on the players.
 
#6,094
#6,094
bleedingTNorange said:
Anyone with 247 sub?

Hoops Recruiting: Tennessee coaches back on the road
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This is the only new info I noticed.

Assistant coach Rod Clark was in Louisville on Tuesday morning to see 2023 prospects George Washington III, a four-star combo guard, and Kaleb Glenn, a four-star small forward.
Head coach Rick Barnes is expected to be in Missouri to see Julian Phillips, the 2022 five-star power forward who is scheduled to be at Tennessee for an official visit this weekend.
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#6,098
#6,098
It would definitely feel a bit disappointing if the fall call was Edwards and 1 of Wallace/Phillips/Mitchell but at the same time can’t hate on it too much.
 
#6,099
#6,099
bleedingTNorange said:
It would definitely feel a bit disappointing if the fall call was Edwards and 1 of Wallace/Phillips/Mitchell but at the same time can’t hate on it too much.
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At this point, doesn't that kind of seem like the most realistic scenario. I certainly would set the over/under at 1.5 that we land some combination of Wallace/Mitchell/Phillips, and I'd confidently take the under, though obviously hope I'm wrong. For me, it feels like landing just one of them is going to be a huge win because, unfortunately, I think a believable case can be made that we don't lead for any of those three.
 
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#6,100
#6,100
cncchris33 said:
At this point, doesn't that kind of seem like the most realistic scenario. I certainly would set the over/under at 1.5 that we land some combination of Wallace/Mitchell/Phillips, and I'd confidently take the under, though obviously hope I'm wrong. For me, it feels like landing just one of them is going to be a huge win because, unfortunately, I think a believable case can be made that we don't lead for any of those three.
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Yea that’s probably all very true…i think you hope to land 1, keep plugging away at Udeh going into spring and keep an eye out for some guys popping on the radar.

I also think an argument could be made for each of those 3 as to which would be the “best get” for Tennessee.
 
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