CLASS RACER FORUM - View Single Post - Glad I sold my stocker---(not really)

tgriffith · 06-22-2007, 10:59 AM

the deal stinks,,,,its just a loop hole for the board members to get their hands on a company that they now are not allowed to own, because of their "non profit" status, without any of the members they are suppose to serve, having any "say so" in the matter....while in turn, quitely dismantling the current NHRA by first selling all is real estate (real worth) and then finally discountinuing the events we are able to participate in. All the same time, avoiding a large of sum of taxes that a normal Company would be required to pay.

Im not a tax pro here but Im rather sure that any property acquired and then sold, there is a taxed due on the profit of the sale of that property,,,,it doesnt bother me about the sale,,its the gain taxes (Im assuming) that they wont have to pay because of the "non profit" status

IMO,,the New Hd company will be a knock off of the WWF with the exception they will be really fighting,,,or not,,who knows???,,,,,,with the new format of the top eight,,,it looks more like WWF than ever....

mark this down,,IMO,,N&%A will continue to operate in a "very poor manor" till all the cash is gone and then thats it,,this is jsut a smooth way to get out of the sportsman racing business.....who knows,,,If this prediction hold to be true,,,sportsman may enjoy higher payouts for the next few years...But make no mistake,,,IMO,,the writing is on the wall ( or net I should say)

06-22-2007, 10:59 AM	#5
tgriffith Member Join Date: May 2002 Posts: 187 Likes: 0 Liked 0 Times in 0 Posts	the deal stinks,,,,its just a loop hole for the board members to get their hands on a company that they now are not allowed to own, because of their "non profit" status, without any of the members they are suppose to serve, having any "say so" in the matter....while in turn, quitely dismantling the current NHRA by first selling all is real estate (real worth) and then finally discountinuing the events we are able to participate in. All the same time, avoiding a large of sum of taxes that a normal Company would be required to pay. Im not a tax pro here but Im rather sure that any property acquired and then sold, there is a taxed due on the profit of the sale of that property,,,,it doesnt bother me about the sale,,its the gain taxes (Im assuming) that they wont have to pay because of the "non profit" status IMO,,the New Hd company will be a knock off of the WWF with the exception they will be really fighting,,,or not,,who knows???,,,,,,with the new format of the top eight,,,it looks more like WWF than ever.... mark this down,,IMO,,N&%A will continue to operate in a "very poor manor" till all the cash is gone and then thats it,,this is jsut a smooth way to get out of the sportsman racing business.....who knows,,,If this prediction hold to be true,,,sportsman may enjoy higher payouts for the next few years...But make no mistake,,,IMO,,the writing is on the wall ( or net I should say)