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
Following weeks of intense preparation Aston Martin Racing ran its new LMP1 cars for the first time at the Le Mans Series test held at the Paul Ricard Circuit in France on 8/9 March.
Car numbers 007 and 009 resplendent in their Gulf Oil International orange and blue livery took to the French circuit on Sunday morning. All six of the team’s drivers,… Details
Jimmy Watts, a crew member for the No. 47 team in the Sprint Cup Series, has been suspended from the next four races (until April 22) for rule violations during this past Sunday’s race at Atlanta Motor Speedway.
Watts was found to have violated Sections 12-1 (actions detrimental to stock car racing) and 9-15-U (crew members must not go on the race track for any reason while the cars are racing or while the cars are running under the yellow flag or  …. details
U.S. Water Ski Team member Chris Parrish, Orlando, FL, won the men’s slalom title at the 49th Moomba Masters in Melbourne, Australia.
Parrish scored 1-1/2 buoys at 39-1/2 feet off. This is his second consecutive, and third career, Moomba title.
Other athletes representing the U.S. that advanced to the finals were…Â Details