Canadian Bills Fan Posted May 7, 2009 Share Posted May 7, 2009 I had this passed to me through a BMW / Mercedes driving friend that said Ralph had a change since his beloved daughter had passed before him. Ralph no longer wants to burden his family with this huge future obligation and has realized through indirect professional tax pro's he is dropping the ball not planning this out ahead of time. He will still seek concessions on behalf of the new owners and make those concessions an important part of the deal for the team to go on in Buffalo. He plans on securing his legacy of what he has accomplished and may even make an announcement around his HOF time in Canton (TBD), with part of the speech decicated to his daughter's memory. I am not that creative to make this up and pretty much have given every detail I remember as it was explained to me. GO BILLS!! P.S. My BMW had a light come on today and is going to the shop tomorrow to get it fixed. Thats funny, my Ford Export driving friend told me at Lockport Gambino that this wont happen Link to comment Share on other sites More sharing options...
Lurker Posted May 7, 2009 Share Posted May 7, 2009 Skoob, when was the last time one of your "sources" actually came up with something true? +1 Link to comment Share on other sites More sharing options...
Sisyphean Bills Posted May 7, 2009 Share Posted May 7, 2009 I'm still waiting for Jacksonville to give us their DL for a box of tape. Link to comment Share on other sites More sharing options...
jax bill backer Posted May 7, 2009 Share Posted May 7, 2009 skooby ur dumb Link to comment Share on other sites More sharing options...
Chef Jim Posted May 7, 2009 Share Posted May 7, 2009 As I've mentioned many times before because of current tax laws Ralph would be an idiot to sell the team before he dies. Link to comment Share on other sites More sharing options...
Cornerville Posted May 7, 2009 Share Posted May 7, 2009 Did you forget to log in to your SOPRANO account? Link to comment Share on other sites More sharing options...
mrags Posted May 7, 2009 Share Posted May 7, 2009 I will not go on record and say that I believe you or your post Skoob. But I have thought about this myself. With Ralph finally making the HOF, and now his daughter passing I could believe (even if for a minute) that Ralph is second guessing his intentions about this football team. Losing a child must be horrible and I wish his family the best in the future. I just wish Ralph would recognize how much the Bills mean to the city of Buffalo and decides to make that his legacy before he passes. Link to comment Share on other sites More sharing options...
SKOOBY Posted May 7, 2009 Author Share Posted May 7, 2009 I will not go on record and say that I believe you or your post Skoob. But I have thought about this myself. With Ralph finally making the HOF, and now his daughter passing I could believe (even if for a minute) that Ralph is second guessing his intentions about this football team. Losing a child must be horrible and I wish his family the best in the future. I just wish Ralph would recognize how much the Bills mean to the city of Buffalo and decides to make that his legacy before he passes. He's been working in Buffalo on the Bills for ~50 years and is finally getting acknowledged for his work by the league, it's a true honor to be inducted. Link to comment Share on other sites More sharing options...
Steely Dan Posted May 7, 2009 Share Posted May 7, 2009 Because it's coming from SKOOB I'll give this a 1% of being true. I'm not even going to post a question about this in the Tim Graham thread. Why waste his time. I suppose it could be true because even a blind nut finds a squirrel now and again. Link to comment Share on other sites More sharing options...
thewildrabbit Posted May 7, 2009 Share Posted May 7, 2009 How can you guys not believe this post? C'mon now, SKOOBY has already stated that his BMW is worth more then any one of your homes, why won't you all trust and believe in what he posts? No, this isn't his car: http://www.modifiedcarforums.com/images/ca...mw_crashed4.jpg Link to comment Share on other sites More sharing options...
Steely Dan Posted May 7, 2009 Share Posted May 7, 2009 This picture is from the proud day he finally closed the deal on his beemer. Link to comment Share on other sites More sharing options...
Billy in 4C Posted May 7, 2009 Share Posted May 7, 2009 As I've mentioned many times before because of current tax laws Ralph would be an idiot to sell the team before he dies. How do you figure? We are in a historically low tax environment. Ralph can pass the team to his wife tax-free, but chooses not to because he doesn't want her to run the team. If he sells now, he is selling at long term capital gains which is 15%. With Barry Obama in office, they project 25-28% minimum capital gains tax rate once the economy shakes out, costing Ralph on the 10-13% minimum the value of the Bills if he waits. If Ralph truly wanted to pass the Bills franchise (not the value) down to his daughters he would have bought hundreds of millions of dollars in survivorship life insurance to pay for the 45% estate tax burden when the last spouse dies. He knows that - after all he owns an insurance company. Also, SKOOBY - as far as BMWs go - just shut it. I own a new 5-series. It's a great car but it doesn't mean you know diddly about football or any inside information. I'm not saying you do or don't but just leave the BMWs/Mercedes talk out of it. Link to comment Share on other sites More sharing options...
stinky finger Posted May 7, 2009 Share Posted May 7, 2009 He's been working in Buffalo on the Bills for ~50 years and is finally getting acknowledged for his work by the league, it's a true honor to be inducted. You're a shameless weasel. Link to comment Share on other sites More sharing options...
Chef Jim Posted May 7, 2009 Share Posted May 7, 2009 How do you figure? We are in a historically low tax environment. Ralph can pass the team to his wife tax-free, but chooses not to because he doesn't want her to run the team. If he sells now, he is selling at long term capital gains which is 15%. With Barry Obama in office, they project 25-28% minimum capital gains tax rate once the economy shakes out, costing Ralph on the 10-13% minimum the value of the Bills if he waits. If Ralph truly wanted to pass the Bills franchise (not the value) down to his daughters he would have bought hundreds of millions of dollars in survivorship life insurance to pay for the 45% estate tax burden when the last spouse dies. He knows that - after all he owns an insurance company. Also, SKOOBY - as far as BMWs go - just shut it. I own a new 5-series. It's a great car but it doesn't mean you know diddly about football or any inside information. I'm not saying you do or don't but just leave the BMWs/Mercedes talk out of it. If he died today his wife would inherit the team and she gets a step up in basis. She turns around and sells the team and pays zero in cap gains. This is not an estate tax issue, it's a cap gains tax issue. If he dies in 2010 there is not estate tax but also no step up. Besides there is no estate tax due when he dies...he's married. Link to comment Share on other sites More sharing options...
richNjoisy Posted May 7, 2009 Share Posted May 7, 2009 You're a shameless weasel. please leave the weasels out of this. What have they ever done to you? Link to comment Share on other sites More sharing options...
BarkLessWagMore Posted May 7, 2009 Share Posted May 7, 2009 If he died today his wife would inherit the team and she gets a step up in basis. She turns around and sells the team and pays zero in cap gains. This is not an estate tax issue, it's a cap gains tax issue. If he dies in 2010 there is not estate tax but also no step up. Besides there is no estate tax due when he dies...he's married. you mean could. Depends on the provisions of his will. This is the key point in this whole estate issue. If he wills the team to his wife, she can sell it to whomever she wants, not necessarily the highest bidder. And she can attach whatever conditions she can negotiate into the sale (i.e. -- team has to stay in WNY). Your analysis of the tax is right on if that scenario plays out. If the team is left to his estate, the executor and/or trustees (I am sure several trusts will be involved) is obligated by law to secure the highest amount possible for the benefit of the beneficiaries. In that scenario, Buffalo is SOL most likely. I can't believe I just posted in a SKOOBY thread. D*mn you Chef!! Link to comment Share on other sites More sharing options...
jax bill backer Posted May 7, 2009 Share Posted May 7, 2009 Let me say that if ralph decides to sell the team this year then this team will not be going to toronto..... with no new building in toronto this year would cancel out the move if he decided to sell the team this year Link to comment Share on other sites More sharing options...
Steely Dan Posted May 7, 2009 Share Posted May 7, 2009 You're a shameless weasel. Link to comment Share on other sites More sharing options...
billsfan89 Posted May 7, 2009 Share Posted May 7, 2009 I had this passed to me through a BMW / Mercedes driving friend that said Ralph had a change since his beloved daughter had passed before him. Ralph no longer wants to burden his family with this huge future obligation and has realized through indirect professional tax pro's he is dropping the ball not planning this out ahead of time. He will still seek concessions on behalf of the new owners and make those concessions an important part of the deal for the team to go on in Buffalo. He plans on securing his legacy of what he has accomplished and may even make an announcement around his HOF time in Canton (TBD), with part of the speech decicated to his daughter's memory. I am not that creative to make this up and pretty much have given every detail I remember as it was explained to me. GO BILLS!! P.S. My BMW had a light come on today and is going to the shop tomorrow to get it fixed. The only thing I doubt is that he has made up his mind so soon. If such a decision was to be made I think it would take longer than a few weeks. Selling anything worth hundreds of millions of dollars is a big decision that takes time.If this came out during the later summer months I would be more likely to believe it. But i think that Ralph has to be at least taking it under consideration. It may be the best thing for Ralph to sell the franchise with a qualifier that the team has to stay in Buffalo for at least another 10 years and than longer if they agree to renovate the stadium or something to that effect. Plus the inheritance tax burden might force the sale anyway and they might not have anyone who wants to keep the bills in buffalo. Link to comment Share on other sites More sharing options...
Tbone Posted May 7, 2009 Share Posted May 7, 2009 you mean could. Depends on the provisions of his will. This is the key point in this whole estate issue. If he wills the team to his wife, she can sell it to whomever she wants, not necessarily the highest bidder. And she can attach whatever conditions she can negotiate into the sale (i.e. -- team has to stay in WNY). Your analysis of the tax is right on if that scenario plays out. If the team is left to his estate, the executor and/or trustees (I am sure several trusts will be involved) is obligated by law to secure the highest amount possible for the benefit of the beneficiaries. In that scenario, Buffalo is SOL most likely. I can't believe I just posted in a SKOOBY thread. D*mn you Chef!! Sorry cpabob- he is wrong, his wife WOULD NOT get stepped up basis for an asset transferred via the marriage exemption. I am tired of part time "tax pros" explaining this issue! The operation of the marriage exemption merely DELAYS the application of the estate tax on the basis held by the acquiring spouse- and if your really a cpa you should know that- otherwise your committing mass malpractice. As for Skooby, as I have tried to explain this to you before he is not going to sell the team before he dies- so get over it, just because your buddy drives a BMW or Mercedes or Lamborghini doesn't mean he knows anything. While he might do some estate planning and condition his will- he isnt going to erase $100 million worth of wealth from his estate. Link to comment Share on other sites More sharing options...
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