posted 09-23-2004 12:19 AM         

quote:

---

Originally posted by meancat:
Better then $30,000.00(I'll take one)

---

posted 09-23-2004 12:53 AM         

------------------

Current mods: Mopar dual exhaust & front mudflaps; MacMotorsports Air Intake;
Real Rod Air Patrol; Graphics by Balistek Designs; ($8) Chrome grille; Chrome
tire valve-stem covers; Painted rear bumper lettering; Prowler Pro Gears; Synthetic
Oil; Raybestos Ceramic Brake Pads; TGF Door Panel Inserts & Headrest Covers;
SheepskinExpress Sheepskin Seatcovers; Grille Light; Pinstriping by Bo Boring;
Painted Valve Cover; Window Tinting; Windshield Visor Banner; Front Bumper
Removal / Relocation of Front Turn Signal Lights; Real Rod Transmission Cooler
Cover, Sill and Carpet Covers, Aero Front Covers and Roadster Rear Pan, rear
bumpers removed; rear mudflaps; painted calipers; Prowler Products by Gary
Drilled Rotors, front and rear; Painted tach; Jay's Aluminum Billet Center Caps
w/shimmers, Chrome Lugnuts and Chrome Radio Bezel Shimmer; Dash Rings;
Windshield Wiper Arm Removal; Fender Trim; Speaker Replacement; Painted
Plenum; Painted Radiator Crossmember; Painted Rear Mudflaps; Air Patrol
graphics; Aluminum engine compartment support bars; PlasmaGlow 7-color LED
Underbody Kit; Dash Designs Dash Mat; Airbrushed Rear Trim Panel and Painted
Headlight Caps.

More 'Pumpkin' photos . . . . . More cars and other stuff

New pictures in Personal Scrapbook (02/23/03)

"I may have to grow older, but I do not have to grow up!"

quote:

---

Originally posted by JKrehel:
I've read that GM not only donated the cars but also paid all of the taxes, titles and licensing needed. Not one penny came out of her pocket.

---

I read the same thing.

quote:

---

Originally posted by rsterling78:
Folks, for one of [B]us it might be a good deal, but these are Oprah audience members here. A lot of these people are griping because they don't have $7000.

Also, I'm not sure that GM or Oprah or any third party could pay the taxes for them. If I give you $30,000 and then I give you $7000 to cover the taxes, then I have given you $37,000...on which you owe taxes.[/B]

---

Not true. Taxes and gift taxes are only paid once. Continental Airlines gives away 8 new Ford Eddie Bauer Explorers every 6 months for 8 names drawn for perfect attendance.

posted 09-23-2004 05:18 PM         

another guy I know won the `78 Magnum Darth Vader car in `78 and they added the value of the car to his income tax for that year. It ended up costing him about $2,500

Your tax bracket will determine the cost since it is added to your bottom line.

posted 09-23-2004 09:08 PM         

quote:

---

There’s no such thing as a free lunch. No good deed goes unpunished. Be careful what you wish for.
These are just a few adages that seem to apply -- in hindsight -- to the much-lauded promotion on "The Oprah Winfrey Show," which gave 274 audience members a new Pontiac G6 sedan.
While General Motors Corp.’s Pontiac division is paying sales tax and license and registration fees, it will not pay the added income tax that audience members will face by accepting a free car, worth as much as $28,400, depending on the options.
That translates into about $7,100 in taxes for winners whose household income falls between $58,000 and $117,000, and who are consequently in the 25-percent tax bracket, said Mark Godek, a tax partner at Plante & Moran in Southfield. If the gift pushes them into the next bracket, they will pay $7,952 in extra taxes.
Winners with lower incomes might be hurt the worst, Godek said, because the prize could push them into higher brackets, stripping them of possible tax credits.
Pontiac spokeswoman Mary Henige said GM hasn’t heard any complaints that the gift will pose a hardship for audience members, although she heard some winners decided not to pick up their car until next year so they can face the additional taxes later.

---

quote:

---

Despite what critics call the free car that's not free, Karen Williams says Oprah staff and Pontiac representatives made one thing clear. "We had the contract that said, 'You are responsible for federal tax.' We signed it and turned it into the Pontiac people and they said, 'Do you have any questions?"

---