Apparently, you can owe taxes for money that you should have, but don’t.
It’s called “constructive receipt” and this theory has become the center of the IRS’ case against two-time Indianapolis 500 winner Helio Castroneves.
Let’s recap an article that came out yesterday from the Associated Press. The IndyCar Series superstar took over what would have been the late Greg Moore’s ride at Team Penske in 2000.
$5 million of his $6 million contract was set to be given to Panamanian company Seven Promotions — a stipulation that was part of the deal created by… Details
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For the first time in offseason testing for the 2009 season, all 10 Formula One teams expected to put entries on the grid for the Australian Grand Prix on March 29 tested together Monday at Circuit de Catalunya near Barcelona, Spain.
Thanks to a morning unveiling of Scuderia Toro Rosso’s new car, the STR4, all hands were on deck with new cars. The week’s test is the final dress rehearsal for Ferrari, BMW Sauber and Toyota. The rest of the teams, Renault, McLaren Mercedes, Williams, Red Bull, Toro Rosso, Force India and newly badged Brawn GP, test once more before Melbourne.
Perhaps their final week of testing explains why BMW Sauber, Ferrari and Toyota topped timesheets…. DetailsÂ
An emotional Jenson Button on Monday spoke of how he feared being cast adrift from Formula One and left with what would have been an empty life.
With the new Brawn GP car underneath him, Button spent Monday morning at the top of the timesheets on the first day of four of the final group test at Barcelona’s Circuit de Catalunya, but there were moments over the last few months when he wondered whether he would drive in F1 again…. Details
Here we go then, another year, another season of F1. This one however has got me more excited than previous years.
There is the return of slick tyres, last used in the 1997 season. There is the introduction of the KERS device, a first for the Motor-sport.
And there has been the introduction of tall and thin rear wings, wide and low wings for the front along with the ‘smoothing’ of every car’s aerodynamics.
All of these factors should produce some lively results for the first 6 Grand Prix of the season. I really do not want to take a punt on who will be fastest, but…Â Details
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