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  #11  
Old 06-04-2007
gary4205
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Originally Posted by Tim5636sc
That's what I was thinking Larry! That Extra "CAPITAL" brings forth a new source of Income to dispurse to the racers. Now, will NHRA actually follow thru with this?
It's sounds like they are sincere. Despain had an interview with Compton tonight.

Here's what will happen, NHRA will put the $100M, or at least most of it into a trust, that will keep NHRA going forever. Basically, NHRA will live off of the interest.

And Sportsman classes will remain part of the mix.

This is still a complicated deal. Will be very interesting to see how things really end up. But again, none of the usually outspoken drivers (Larry Morgan) have had anything but praise for the deal.

Capps said he had seen some of the plans, but couldn't comment. I'm just going to stay excited, unless something ends up not being kosher.
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  #12  
Old 06-04-2007
clwill
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Originally Posted by gary4205
Yup. And you know more about this for sure, but since NHRA does not take donations, or give out charity, are the tax rules different than for one that does?
From what I understand, NHRA is a 501(c)(6), which is not the same as most charities which are 501(c)(3). A 501(c)(6) (actually the IRS has a bazillion 501(c) classifications up to something like 27) is not charitable, but is a non-profit. It gets tax breaks because of its non-profit status, but doesn't take donations, and doesn't pass on the tax break to the contributors.

So... yes, the rules are different for NHRA than something like the American Cancer Society. I am not a tax attorney, so I don't know the details, but I can imagine this transaction being stunningly complicated.
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  #13  
Old 06-04-2007
gary4205
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Originally Posted by clwill
From what I understand, NHRA is a 501(c)(6), which is not the same as most charities which are 501(c)(3). A 501(c)(6) (actually the IRS has a bazillion 501(c) classifications up to something like 27) is not charitable, but is a non-profit. It gets tax breaks because of its non-profit status, but doesn't take donations, and doesn't pass on the tax break to the contributors.

So... yes, the rules are different for NHRA than something like the American Cancer Society. I am not a tax attorney, so I don't know the details, but I can imagine this transaction being stunningly complicated.
You gotta know the attorneys are gonna make out on this deal! I can only imagine how many pages the agreement will be!
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  #14  
Old 06-04-2007
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Originally Posted by gary4205
You gotta know the attorneys are gonna make out on this deal! I can only imagine how many pages the agreement will be!
When do they NOT?
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