The IRS and NHRA, you gotta see this.

Bob Pagano · 01-22-2011, 10:13 PM

Besides nhra is not a (c) 3

novassdude · 01-23-2011, 12:32 AM

only the museum is 501(c)(3)

X-TECH MAN · 01-23-2011, 09:59 AM

After all of this IRS stuff goes down the only place you guys with the 1972 and older cars might be able to race are the Nostalgia races, local circuit races, and/or bracket events. The rest who are stuck with the $100,000 plus new under rated DP's, Mustangs, and FI cars might as well make flower pots out of them, bracket cars, and or street rides.....LOL.

MikeFicacci · 01-23-2011, 10:38 AM

Quite possibly nothing is going to change after NHRA pays some sort of fine but if somehow NHRA loses its sanction, Division 1 will be fine operating under some sort of Dave Ley controlled Divisional Series. Division 1 has 128 cars at just about every National Events, Divisional, and Open series race.

Plus I like the idea of one guy who is committed to the sport running the show and not someone who paints NHRA cars on the side.

Ed Wright · 01-23-2011, 12:16 PM

I agree. I don't think much change will trickle down to us. They will just pay any fines (if it comes to that) and get back to business. It's just business.
I don't think it's any of my business.

Alan Roehrich · 01-23-2011, 01:12 PM

I wouldn't be too sure that you just pay fines when you operate a 501(c) as a for profit entertainment corporation. There may be other significant penalties and sanctions. If the violations are serious enough, and flagrant, the board can be removed completely.

A100 · 01-23-2011, 01:37 PM

Quote:

Originally Posted by Alan Roehrich

I wouldn't be too sure that you just pay fines when you operate a 501(c) as a for profit entertainment corporation. There may be other significant penalties and sanctions. If the violations are serious enough, and flagrant, the board can be removed completely.

Wonder what the two new board members think of this?

If a press release gets issued about one of them leaving for "personel reasons" we will know.

X-TECH MAN · 01-23-2011, 01:27 PM

Quote:

Originally Posted by MikeFicacci

Quite possibly nothing is going to change after NHRA pays some sort of fine but if somehow NHRA loses its sanction, Division 1 will be fine operating under some sort of Dave Ley controlled Divisional Series. Division 1 has 128 cars at just about every National Events, Divisional, and Open series race.

Plus I like the idea of one guy who is committed to the sport running the show and not someone who paints NHRA cars on the side.

Agree 1000%. That would be a great deal with Dave in charge.

01-22-2011, 10:13 PM	#1
Bob Pagano VIP Member Join Date: Jun 2002 Location: New Holland, PA Mooresville,NC Posts: 1,163 Likes: 243 Liked 16 Times in 11 Posts	Re: The IRS and NHRA, you gotta see this. Besides nhra is not a (c) 3 __________________ Bob Pagano A/SA

01-23-2011, 12:32 AM	#2
novassdude Senior Member Join Date: Mar 2002 Location: usa Posts: 752 Likes: 204 Liked 136 Times in 49 Posts	Re: The IRS and NHRA, you gotta see this. only the museum is 501(c)(3)

01-23-2011, 09:59 AM	#3
X-TECH MAN Banned Join Date: Dec 2007 Location: Lake Placid, Florida Posts: 3,203 Likes: 1,047 Liked 235 Times in 110 Posts	Re: The IRS and NHRA, you gotta see this. After all of this IRS stuff goes down the only place you guys with the 1972 and older cars might be able to race are the Nostalgia races, local circuit races, and/or bracket events. The rest who are stuck with the $100,000 plus new under rated DP's, Mustangs, and FI cars might as well make flower pots out of them, bracket cars, and or street rides.....LOL.

01-23-2011, 10:38 AM	#4
MikeFicacci Member Join Date: Oct 2007 Posts: 242 Likes: 1 Liked 19 Times in 2 Posts	Re: The IRS and NHRA, you gotta see this. Quite possibly nothing is going to change after NHRA pays some sort of fine but if somehow NHRA loses its sanction, Division 1 will be fine operating under some sort of Dave Ley controlled Divisional Series. Division 1 has 128 cars at just about every National Events, Divisional, and Open series race. Plus I like the idea of one guy who is committed to the sport running the show and not someone who paints NHRA cars on the side. __________________ Mike Ficacci Stk 1010

01-23-2011, 12:16 PM	#5
Ed Wright Veteran Member Join Date: Mar 2005 Location: Sand Springs, OK Posts: 8,132 Likes: 896 Liked 390 Times in 170 Posts	Re: The IRS and NHRA, you gotta see this. I agree. I don't think much change will trickle down to us. They will just pay any fines (if it comes to that) and get back to business. It's just business. I don't think it's any of my business. __________________ Ed Wright 4156 SS/JA

01-23-2011, 01:12 PM	#6
Alan Roehrich Veteran Member Join Date: May 2006 Location: Murfreesboro TN Posts: 5,123 Likes: 1,581 Liked 1,874 Times in 422 Posts	Re: The IRS and NHRA, you gotta see this. I wouldn't be too sure that you just pay fines when you operate a 501(c) as a for profit entertainment corporation. There may be other significant penalties and sanctions. If the violations are serious enough, and flagrant, the board can be removed completely. __________________ Alan Roehrich 212A G/S

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