Tweet
Since the Green Bay Packers, are headed back to the Superbowl; thought the timing would be great for a bit of trivia in that wise. I can recall my father telling me about some football players such as Bart Starr, being awarded a Corvette for the MVP in Superbowl I, and so I thought to search the net for any ball-players who might have been given a Corvette or T-Bird, what I did find was some very interesting trivia
http://en.wikipedia.org/wiki/Hornung..._.28Issue_2.29
Hornung v. Commissioner
United States Tax Court, 1967 47 T.C. 428
Issues
Pertaining to the 1962 Thunderbirds (Issue 2):
In July 1962, Hornung asked a friend to arrange for a car to be available for him to drive while in Green Bay. A local Ford dealership furnished Hornung with a 1962 Thunderbird, later exchanging the original for a second 1962 Thunderbird. The title to the cars remained with Ford, though Hornung paid the insurance and all operating costs while driving the Thunderbirds. Hornung was not asked to make any personal appearances or special efforts for the dealership, except that he was asked to "come in and say hi" during a Ford-sponsored children's football event. Ford had also furnished other Green Bay Packers with vehicles for their use around Green Bay. Hornung did not recognize or report any income associated with this use. The value of this use was determined to be $600.
Pertaining to the 1962 Thunderbirds (Issue 2):
The court found that Hornung had not met the burden of proving his use of the Thunderbirds was a gift. Therefore, the economic benefit he received was taxable gross income.
http://en.wikipedia.org/wiki/Hornung..._.28Issue_2.29
Hornung v. Commissioner
United States Tax Court, 1967 47 T.C. 428
Issues
Pertaining to the 1962 Thunderbirds (Issue 2):
In July 1962, Hornung asked a friend to arrange for a car to be available for him to drive while in Green Bay. A local Ford dealership furnished Hornung with a 1962 Thunderbird, later exchanging the original for a second 1962 Thunderbird. The title to the cars remained with Ford, though Hornung paid the insurance and all operating costs while driving the Thunderbirds. Hornung was not asked to make any personal appearances or special efforts for the dealership, except that he was asked to "come in and say hi" during a Ford-sponsored children's football event. Ford had also furnished other Green Bay Packers with vehicles for their use around Green Bay. Hornung did not recognize or report any income associated with this use. The value of this use was determined to be $600.
Pertaining to the 1962 Thunderbirds (Issue 2):
The court found that Hornung had not met the burden of proving his use of the Thunderbirds was a gift. Therefore, the economic benefit he received was taxable gross income.
Comment