Posted on 12/31/2021 7:51:57 AM PST by DUMBGRUNT
On his final day as principal owner of the Iowa Cubs, Michael Gartner surprised his staff with an unforgettable goodbye gift.
He shared profits from the sale of the Des Moines-based minor-league baseball team with all 23 of the club’s full-time employees.
“Here are your new business cards,” Gartner joked.
“Everyone knew something was up because of the way he said it,”
What was actually inside those envelopes were checks worth a total of approximately $600,000, general manager and minority owner Sam Bernabe told Yahoo Sports. Gartner, Bernabe and the other three members of the team’s ownership group determined how much each full-time staffer received based on how long he or she had worked for the Chicago Cubs Triple-A affiliate.
Everyone from marketing managers, to stadium operations workers, to the janitorial staff struggled to find words to thank Gartner and his partners.
(Excerpt) Read more at sports.yahoo.com ...
Well, maybe not?
Will they be crushed by the dickheads?
What a kind gesture.
Too bad the IRS is now licking its chops waiting to get a piece they didn’t earn.
I’m guessing that the appropriate taxes were withheld from their checks.
If the payment is a gift, it’s not taxable to the recpient.
If the payment is a gift, it’s not taxable to the recpient.
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I believe there are limits.
Nothing wrong with treating employees like the human beings they are. With today’s greed this is a lost gesture of appreciation.
A family friend built a tire-distributorship business from nothing, starting in his 20s. When he was in his 60s, he sold it. He was always a generous employer to his long-term staff, but he distributed a pretty big share of the sale proceeds to those people who had been with him, even though they had no ownership stake. He recognized all these trusted people helped him build the business from which he profited.
Not for the recipient. The giver can give up to a certain amount before taxes apply on the giver's side, but the recipient still pays nothing.
I did the very same thing except the government regulated me out of business. When you treat your employees like human beings they will bend over backwards to make sure every extra personal effort towards productivity is practiced. They consider it their business too, and actually care about overall productivity.
Yes, per annum limits until gifts get taxed. And I suppose since the team has been sold he can make such gifts without them counting as regular income.
I had a boss do this when he sold his business. I think my check was for around $17K for working there 5 years. Best boss I ever had. An oil man/convenience store chain owner from Olean, NY.
But it's the giver who gets taxed, not the recipient.
I kind of doubt this was structured as a gift, however. I'm not sure an employer can gift money to an employee.
Right. Maybe it was done before the sale went through, so counted as bonus income. And of course you are right about the tax, but those who are doing the giving tend to be those most attuned to tax laws anyway.
all gifts are taxed as income to the receiver. that why the oprah guests sell the cars to pay the taxes.
Nope. You’ve got that one wrong.
My dad did this when he sold his pipeline business to an English outfit in 1992
Optioned off over half to his 25 or so key employees based on position and duration
His administrative assistant pocketed mid sixes
I’ve been in business many years
Rich and broke and near broke
Few folks are generous with their own money....a true sign of most folks with leftist mindsets....who blame the world and want to fix it rather than themselves
The worst of us are only happy when they win and all else have less
I’m happy when all parties are satisfied or as I think Trump said it
When the other parties ....range from happy to unhappy little enough not to be mad
Something like that ..
(Oprah’s gifts are the equivalent of winning sweepstakes, or door prizes, which are all technically taxed.)
What’s annual limit now on gifting.....forty per person?
Damn
It’s only fifteen thousand a year per person
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