Viper Raffle

[Bobby Likis]

I haven't had the opportunity to visit the post site lately but just had to take a moment out to let you all know how terrific it feels to be the "chosen one."

Without appearing too politically incorrect or boastful, I have to share with you this feeling of excitement that continues to build in me. It's such that I am now beginning to wonder which one of my Vipers I would drive most. My current Red (is there any other color?) '01 GTS, which is so gorgeous with George Ciamillo's art pieces, Jon B's super-sounding exhaust system, and Sean Roe's computer interface that released tons of raw power between 5K and 6K. OR:

The brand new Blue '02 GTS that cost me a hundred bucks... well, OK, three hundred. It is a tough life after all.

Respectfully yours,

bobby likis

 

[Qualitywires.com]

Hey Bobby, it was good to meet you in person! I will have to listen to your show. Hope you made it back to FL in one piece!

Adam

 

[Paul Hawker]

Any relationship to "Tom Likis" the other radio personality?

 

[Marv S]

Paul, it's tom LEYKIS and no one admits to being related to him. http://www.mediawatch.com/leykis.html

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Paul Hawker:
Any relationship to "Tom Likis" the other radio personality?

<HR></BLOCKQUOTE>

 

[Ulysses]

I'm sorry to have to correct you Bobby, but you sir are mistaken. I have already been told by none other than Miss Cleo, herself, that I am the true winner. That "feeling of excitement that continues to build in" you... it must be gas.

 

[Bobby Likis]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Ulysses:
I'm sorry to have to correct you Bobby, but you sir are mistaken. I have already been told by none other than Miss Cleo, herself, that I am the true winner. That "feeling of excitement that continues to build in" you... it must be gas.

<HR></BLOCKQUOTE>

Not Gas... but Fuel! That's what's coming my way. 20 gallons to fill my new Blue $300 Viper.

Look, I never won anything in my life so I figure I'm as due as any other person on this earth. Besides, if I do win, think of all those people who may have seen my post. There will be heck to pay.

Good luck to you. You did buy a ticket... didn't you?

bobby

 

[Bobby Likis]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by ab:
Hey Bobby, it was good to meet you in person! I will have to listen to your show. Hope you made it back to FL in one piece!

Adam

<HR></BLOCKQUOTE>

Yes, thank you, I made it back safely and without incident. It was good to have met you. I really liked your wing, especially the fact that it's bolted on to stay!

It was such a cool day that I didn't need my A/C and driving between 80 & 90 mph got 22.09 miles per gallon. I was very pleased. I ran the car with zero adjustment from Sean Roe's interface so as to get (what I think) would be the "factory" air fuel & timing setting. My brother was thrilled that we ran across you and later on (when I offered to let him drive my car) admitted that he was a little bit intimidated . However, he got the hang of it very quickly, which was a real treat to me. If you get to Pensacola, please look me up.

Best regards, Bobby

 

[Qualitywires.com]

You got it Bobby! Your brother is a customer of ours and he's a real cool guy! When he first saw my Viper, I thought he was going to die! He thinks you're the greatest! He's a good man!

 

[Steve Ferguson]

I believe that each state has their own set of laws regarding taxable winnings? Here is the language that I have in the raffle file, sorry but this is the legal version:

Federal Income Tax Withholding On Raffle Prizes.

If you sponsor raffles, you may be required to withhold and pay federal income tax on certain prizes. You may also be required to secure information and file reports on the prizes with the Internal Revenue Service.

Withholding Tax

A player of certain gambling winnings (other than winnings from keno, bingo, and slot machines) is required to withhold 28% from the winnings and report this amount to the IRS on Form W2-G, "Statement for Recipients of Certain Gambling Winnings." This is called "regular gambling withholding." It applies to gambling winnings of more than:
1- $5,000 from sweepstakes, wagering pool, or nonstate-conducted lottery
2- $5,000 from state conducted lottery
3- $5,000 from "other wagering transactions" if the winnings are at least 300 times the amount wagered.

In general, a lottery includes any scheme or method for the distribution of prizes among persons who have paid (or promised a consideration) for a chance to win such prizes, usually determined by the numbers, or symbols on tickets drawn from the lottery wheel or other receptacle or by the outcome of an event.

Most raffles are subject to the 28% withholding tax rate on prizes of more than $5,000.

"regular gambling withholding" applies to the total prize won (the amount of the winnings less the cost of the chance) and not merely to the amounts in excess of $5,000. This also applies to the fair market value (FMV) of non-cash prizes.

Example: "A" purchased a $1 ticket for a lottery conducted by "X", an organization exempt from income tax under section 501(c) of the Internal Revenue Code. On October 31, 1993, the drawing was held and "A" 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 ($5,999x28%) from "A's" winnings. If "X" fails to make proper withholding, they will be liable for the tax as if an employer/employee relationship has been created. In this example, if "X" fails to withhold the $1,679.72 before the prize is distributed "X" is liable for the tax.

In determining the amount paid out, non-cash prizes shall be taken into account at their fair market value (FMV)

In the payer, as part of the prize, also pays the taxes required to be withheld it must deduct tax not only on the FMV of the prize less the wager, but also on the taxes it pays on behalf of the winner. This results in a pyramiding of taxes requiring the use of an algebraic formula. Under this formula, the payer must deduct and withhold a tax of 38.88% of the FMV and indicate on Form W2-G the "grossed up" amount of the prize.

 

[Edward 96GTS]

How does the tax thing work on winning a car?
Ed