Olympic figure skater John Baldwin Jr. & his father under federal indictment in San Diego

I don't think it's so much cash under the table income tax fraud as breaking anti money laundering rules. That is why the 10,000 limit is used.
 
Regardless of their guilt or innocence, I've always had a soft spot for the entire Baldwin family. My father and I met them at Nationals one year and we sat together for the most of the event. Mr. Baldwin (Sr.) was wonderful, I learned a lot about skating from him. Thereafter, the entire family would make a point of looking for us at every skating competition we attended. They were always super friendly and very appreciative of our support for their skating.
 
Erin said:
I'm not sure why this is the moral of the story. There is still nothing to suggest that the Baldwins have been charged with tax evasion. It's not to say that they couldn't be in the future, but the charge is said to be "failure to comply with financial reporting obligations" which is not the same thing.
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What I was thinking of here is a moral for the rest of us ordinary folks who might inherit something of value (say $100,000-$200,000 worth of jewelry, coins or artwork). If you sell the items, make small cash deposits (under $10,000) into your bank account over time, and then try to avoid reporting the income from the sales on your tax return, you most likely will get caught and charged with "structuring" and tax evasion. I know people who did this and were visited by IRS agents at their home looking for an explanation. The value of these items needs to be reported either in an estate tax return (40% tax rate) or as income on your personal return (likely a much lower rate).
 
Cleo1782 said:
Yes, lol, and as far as I know they are still together, share children, and are not legally married. Nothing wrong with that, but I always find it slightly humorous given that on ice proposal. And yes, being in the audience for that proposal was awkward.
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I thought the on-ice proposal was to gain sympathy points from the judges.
 
madm said:
What I was thinking of here is a moral for the rest of us ordinary folks who might inherit something of value (say $100,000-$200,000 worth of jewelry, coins or artwork). If you sell the items, make small cash deposits (under $10,000) into your bank account over time, and then try to avoid reporting the income from the sales on your tax return, you most likely will get caught and charged with "structuring" and tax evasion. I know people who did this and were visited by IRS agents at their home looking for an explanation. The value of these items needs to be reported either in an estate tax return (40% tax rate) or as income on your personal return (likely a much lower rate).
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Considering the 40% estate tax doesn't apply until the estate is slightly over $11 million, this wouldn't make sense as a tax evasion method for most people. Just sell the items, deposit the money, and fulfill the financial reporting obligations and there is no tax (or at most a minimal tax if the value of the items changed a little from when appraised for the estate).
 
madm said:
What I was thinking of here is a moral for the rest of us ordinary folks who might inherit something of value (say $100,000-$200,000 worth of jewelry, coins or artwork). If you sell the items, make small cash deposits (under $10,000) into your bank account over time, and then try to avoid reporting the income from the sales on your tax return, you most likely will get caught and charged with "structuring" and tax evasion. I know people who did this and were visited by IRS agents at their home looking for an explanation. The value of these items needs to be reported either in an estate tax return (40% tax rate) or as income on your personal return (likely a much lower rate).
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But when you inherit something, it is assigned a value at the time of death*, and that value counts against the estate exemption or for calculating estate taxes. The person inheriting doesn't pay the gift or estate tax: the giver does (or it is deducted from the lifetime estate exemption) or the estate does.

An individual who sells inherited items is responsible for declaring the net profit, ie, amount received less (value assessed plus expenses.)

*I know for real estate that this can be time of death or when the estate is settled/time of actual inheritance, because the value of property can fluctuate greatly between time of death and settlement. I'm not sure if this applies to other assets, and, if so, which ones, since stock values, for example, can fluctuate widely.
 
leafygreens said:
I don't know, but it seemed very over the top and unnecessary. I'm not one for public proposals anyway. It seems like they're trying to bamboozle the woman into saying yes.
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I am also not in favor of public proposals. I am just saying the motivation had nothing to do with getting a better skating score.
 
wickedwitch said:
It was at US Nats, after their LP, where the won (deserving) by a ton. They had no need for sympathy points there.

(I just checked the results to make sure they confirmed my memories and Yuko Kavaguti competed, which I did not remember.)
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McLaughlin & Brubaker actually won 2008 US Nats.

Why would Yuko Kavaguti be competing at US Nats? :confused:
 
HisWeirness said:
@alchemy void
Recreated!
https://ibb.co/dz18rn
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First I hear people saying Adam "alternative life-style" Rippon will dance without a shirt on Dancing the Stars, and now I click on a harmless looking ULR and see something even more terrible! Or at least equally terrible.

During my years in the navy, I would of expected to see male flesh, its just a part of working with seamen. But this web sight is becoming harder and harder for me.
 
meggonzo said:
Why would Yuko Kavaguti be competing at US Nats? :confused:
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Because she had teamed with Devin Patrick. According to Wikipedia,

Kawaguchi then skated with another American, Devin Patrick. "He taught me the quad throw (salchow). He did really good throws, but some of the other elements didn't work as well," Kawaguchi stated.[8] They competed at the Japanese championships and U.S. Championships, placing 15th, and decided to go their separate ways. "He wanted to live in the U.S., but I didn't want to leave Tamara Nikolaevna (Moskvina). I just couldn't give up my studies, leave my coach, and go to America."[8] She worried that she might not find another partner, but was determined to at least complete her degree.[8]
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https://en.wikipedia.org/wiki/Yuko_Kavaguti

It doesn't look like she competed with Josh Martin at US Nationals. I don't think they'd been together long enough before he was hit by a car in St. Petersburg and went back to the US. He was 2nd in Jr. Pairs at 2002 US Nats with Janice Mayne and 5th in Junior Pairs at 2003 US Nats with Chelsea Meador.
 
U.S. Figure Skater Josh Martin Victim of Hit and Run!

http://news.yahoo.com/news?tmpl=stor...rtin_injured_2

ST. PETERSBURG, Russia - U.S. figure skater Josh Martin was hit by a car while roller-blading on his way to practice, leaving him with a broken elbow and leg cuts.

The hit-and-run accident happened Wednesday in St. Petersburg as he was heading toward his training session with coach Tamara Moskvina, Martin said. He had surgery on his right elbow.

Martin and Janey Mayne won the silver medal in junior pairs at the U.S. nationals in 2002. He now has teamed with Yoko Kawaguchi of Japan for seniors competitions.​
 
Now I'm just waiting for the mystery poster with a grudge against Kayne/O'Shea - the poster with all the alleged SKANDAL about O'Shea having a DUI - to pop up and claim that O'Shea was driving the car that hit Martin.
 
kwanfan1818 said:
Because she had teamed with Devin Patrick. According to Wikipedia,


https://en.wikipedia.org/wiki/Yuko_Kavaguti

It doesn't look like she competed with Josh Martin at US Nationals. I don't think they'd been together long enough before he was hit by a car in St. Petersburg and went back to the US. He was 2nd in Jr. Pairs at 2002 US Nats with Janice Mayne and 5th in Junior Pairs at 2003 US Nats with Chelsea Meador.
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Interesting. I was confused since the on-ice proposal happened in 2008, and Kawaguchi was with Smirnov by then. Looks like the other poster thought the proposal happened in 2006.
 
kwanfan1818 said:
But when you inherit something, it is assigned a value at the time of death*, and that value counts against the estate exemption or for calculating estate taxes. The person inheriting doesn't pay the gift or estate tax: the giver does (or it is deducted from the lifetime estate exemption) or the estate does.

An individual who sells inherited items is responsible for declaring the net profit, ie, amount received less (value assessed plus expenses.)

*I know for real estate that this can be time of death or when the estate is settled/time of actual inheritance, because the value of property can fluctuate greatly between time of death and settlement. I'm not sure if this applies to other assets, and, if so, which ones, since stock values, for example, can fluctuate widely.
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All assets are revalued as part of the estate tax law in the US, including stocks, collectibles, real estate, etc. This valuation is either at date of death or, if elected and the value of the estate has decreased, at 6 months after the date of death.

Quick example. John dies with a total estate worth $8,000,000. Since it is under the $11,180,000 current estate tax exemption amount, there will be no federal estate tax paid by the estate (although there may be state estate tax - each state has its own rules). Of this $8,000,000, he leaves Mary a gold coin collection with a current value of $250,000. Even though John originally paid only $100,000 for the gold coin collection, Mary receives it with a basis of $250,000, its value at date of death. She sells the collection 1 year later for $260,000. She will report a long-term taxable gain of $10,000, which will be taxed at 28% as a collectible. So she would pay $2,800 of income tax. If she sold within the year, it would be a short-term capital gain and taxed at 37%, or $3,700. Hardly worth the effort and risk of selling $260,000 of coins in bits and pieces trying to remain under the $10,000 bank reporting requirements.
 
Erin said:
So the original theory of doing the proposal in some weird effort to get better marks from the judges still holds as a possibility.
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Watching, I remember thinking John was way too excited about a so/so performance, imo and I thought (perhaps cynically) that his excitement and proposal possibly could be a way to get better marks or make the judges think the performance was better than it was.
But that was just my take on it. Maybe others saw it as very romantic.
 
I saw it as neither romantic or as a bid to get better marks.

It may have been a so-so performance to you but it was a performance that was above average *for them* and they were excited about it. I can't remember if they landed the throw-3X or not but I remember they landed some stuff they don't normally land. I remember being excited for them. But I also hate public proposals and don't find them romantic and so was very :rolleyes: about that.

But I'd been watching John compete for a long time by then and found the whole thing to be completely in character for him and genuine.
 
wickedwitch said:
I am also not in favor of public proposals.
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Some people probably like them as a grand gesture. Kurt Browning proposed to his wife Sonia in a packed arena IIRC. Not surprising, given that it was Kurt.

I would be mortified by a public proposal, as I absolutely hate being the center of attention in a group of people, let alone an arena.

My favorite on-ice proposal was S/Z. IIRC, it was 2007? He got down on his knees to propose, and she promptly got down on her knees as well, perhaps thinking that it was a spontaneous choreographic move. :D
 
They're suppose to be back in court in the next couple of weeks, anyone know when in May? I have to admit I'd not sound nearly so confident myself if the Feds had raided my house.
 
Follow-up article (dated 4/2/19) by the reporter, Mark Zeigler, who broke this news last year - Olympic figure skater and his father resolve federal case: https://www.sandiegouniontribune.co...win-olympic-figure-skater-father-federal-case
Olympic figure skater John Baldwin Jr. and his father reached settlement agreements with the government after being charged last year for failing to comply with financial reporting obligations from their Escondido used car business, Baldwin Auto Sales.

Neither will serve prison time, and together they will pay close to $200,000 in back taxes, penalties and interest.

“These are two really decent guys who did make some mistakes on the financial side of their business,” said attorney Jeremy Warren, whose firm represented both Baldwins. “They really learned their lesson about how important it is to modernize their accounting practices. This started out as a mountain and ended up as a molehill.”
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