Looks like the Bengals are really going to sign Harrison.
Looks like the Bengals are really going to sign Harrison.
Arise and walk, come through. A world beyond that door is calling out for you. Arise and walk, come through. It's calling out for you.
I'd rather have Dansby+rookie than Maualuga+Harrison. I'm guessing the money those two combos will get will end up being a wash.
If it is a one yr deal I think it is a great catch for the Bengals. Harrison is going to want to due bodily harm to Big Ben twice a yr, what is there not to like about that. Hopefully they can get a deal done with Rhodes as well as safety is a major concern at this point.
Smith basically has ten days to get his deal done as well cause if we get to the draft it will be come on down Fluker or Watson with that #1 pick.
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Ugh! There's VERY few players I dislike enough to not want them playing for the Bengals under any circumstances. Harrison is one of them.
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I would of rather had Dansby but Harrison is still a productive player and maybe we could use his nastiness. I also really want Rhodes.
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It's my understanding that they're in the process of transfering the team to Katie and her brother and if it's not complete already, it will be soon. In other words, the plan is for this to be done well before Mike's passing. As I recall, Katie will be the controling partner. It'll be her team. They are prepared for the estate tax aspect of it. That's why they're doing the transfer now.
I wonder what sort of estate tax you pay on an asset like that?
I believe it is rather simple. You take the value at the time of death and then apply the estate tax. The estate tax is permanently set at $5M adjusted for inflation. So for whatever the value of the franchise is at the time of death minus $5M and then you pay estate taxes on the difference.
@SeaRay the transfer would have to take place over a long period of time. There may be other ways of transferring money that I do not know if, but according to the IRS you are allowed to gift someone $14000 or $28000 if you are married free of tax. In August of 2012 Forbes valued the Bengals at $871M. That would take a long time in regards of gifting in order to get Pumpkin the controlling stake.
As I recall this was going on before Marvin got to town and was one of the reasons the Bengals were so cheap. They were pocketing a lot of that money and using it for Katie to buy shares from her Dad. Obviously the value of the shares were set lower than free market value. My point is, this franchise will not run into the problem that the estate of Jack Kent Cooke where they had to sell to Dan Snyder. MB knows how to play this game and he's already beaten the IRS once
Perhaps a simple way to transfer shares while dealing with the IRS, as part of Katie's compensation for whatever role she holds, she gets a certain % share in the team each season, then on top of that, she's paid a salary that offsets the taxes more or less. Meanwhile, Katie's husband is paid a straight salary that keeps both of them whatever style they see fit.
Well, whenever she gets it, I hope she's not a jerk face.
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I think the biggest positive is that Katie knows she isn't a football personnel person. Mike's spendthrift ways has always held the Bengals back to some degree, but his meddling in personnel decisions is what has crippled the franchise.
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