Now, as to the issue I put in bold above...your kidding I assume right?
If not, that would be defamation/libel...and since this is the internet, it is interstate thus making it a federal issue for which those nasty little things called Subpoena's can be issued and identities found out...
but since your an internet tough guy, I am sure you know that, and now that you have been advised...I would suggest you either delete that post, and any that in ANY way cast dispersion on the character, and or reputation of the person and/or businesses conducting the raffle, as it is something that if Michelle chooses to pursue...I am QUITE confident of the legal outcome...[/QUOTE]
Are you an attorney? If you are, then the last sentence I'll buy, but if you're not keep your opiniions to yourself. Or does that only apply to everyone but you? As for your little comment on "casting dispersion on the character, and or reputation of the person", I think that could go both ways. Since MICHELLE has handled this in such a "PROFESSIONAL" manner, I think she's "cast dispersion" too!
It's pretty funny how someone can ask a simple question about a RAFFLE (for God's sake) and people get all bent out of shape and defensive. It's.......kind of like........maybe......somebody has something to hide or didn't layout their "plan" to pocket $25,000 for a used sled and make a very nice, charitable, contribution to SAWS.
FYI, this is out of the IRS publication
Pub. 3079 (4-98) Cat. No. 25706L:
Withholding and Backup Withholding
Organizations need to understand the withholding and
backup withholding rules for games such as bingo,
pull-tabs and raffles. “Instant Bingo” or “Mini Bingos”
are considered pull-tab games, not regular bingo
games. Raffles are considered lotteries for the
purpose of withholding and backup withholding.
Withholding on gambling winnings, including backup
withholding, is reported on Form 945, Annual Return of
Withheld Federal Income Tax.
Withholding
Withholding refers to the regular withholding of income
tax from prizes paid. This withholding is required at the
rate of 28%.
Non-cash prizes
If the prize is not cash, the fair market value of the
item won is considered the amount of the winnings.
The withholding and backup withholding rates, if
required, are applied to the fair market value of the
item won. The amount to be withheld should be
collected from the prize winner.
Example 15:
M purchased a $1 ticket for a
raffle conducted by X, an organization exempt
from income tax under section 501(c). On
October 31, the drawing was held and M won
$6,000. Since the proceeds from the wager
are greater than $5,000 ($6,000 minus the $1
cost of the ticket), X must withhold $1,679.72
($5,999 x 28%) from M’s winnings.
If X fails to withhold, it will be liable for the tax.
In this example, if X fails to withhold the
$1,679.72 before the prize is distributed, X is
liable for that amount.
So, let's assume M is someone from the Forums and X is Michelle, according to the IRS M will owe "the "fair" market value (not new value on a used sled, I'm coming in late, it is used isn't it?) x 28%" which could go one of two ways, either the "stated" new value of $25,000 or a value that more reflects today's "fair" market of say $15,000. So, $25,000 x 28%= $7,000 or $15,000 x 28%= $4200.
Also, one small side note for Michelle, you'll want to collect that amount, what ever it is, when the winner picks up the sled, because if they happen not to pay, you will be liable. That would really suck!
Anyhow, I think everyone needs to take a chill pill and maybe act a bit more professional. Some of you sound like our wonderful liberal democrats that jump down people's throat when asked a simple and direct question. I hope that wasn't too Un-American of me.
Anyway, you all have a great night and I look forward to more colorful debate on this or any other subject.
Sincerely,
Semi
