Titus Touch Car Wash

[Lowcountry1]

If anyone can figure out how much this property sold for over market, you'll have your record of Clemson cheating.

http://m.realtytrac.com/property/sc/florence/29506/101-e-darlington-st/245985461

bump

 

[gacock]

Clempson math.

Go Gamecocks!!!

gacock

 

[Tigeriffic88]

So according to LinkedIn the younger Scott Howard is a Clemson alum, went to MUSC for an accelerated Nursing Degree and comes back to Clemson as an instructor. He also held down a job working as a stadium sales associate for Barnes and Noble at Clemson. This all leads me to infer that his father has strong connections to Clemson.

Can someone in the area show what tax value was on that property?

It was an operating business. You value it differently than the bare real estate. Value should be M*earnings plus equipment plus property value. The assessment is 48,498. But you figure that proceeds are 325k - 6% commission = 305.5k to the seller. Less 50k for the real estate, ignore equipment, and they netted 255k for the business. M for an established small business should be around 4, so that gives you 63k for yearly profit. Does that put the sale price into perspective?

 

[gpcocks]

It was an operating business. You value it differently than the bare real estate. Value should be M*earnings plus equipment plus property value. The assessment is 48,498. But you figure that proceeds are 325k - 6% commission = 305.5k to the seller. Less 50k for the real estate, ignore equipment, and they netted 255k for the business. M for an established small business should be around 4, so that gives you 63k for yearly profit. Does that put the sale price into perspective?

Why are you here arguing with these people? Why aren't you discussing your upcoming game with Alabama fans?

 

[DeepfriedCock]

I'm not going to say his name on the board. But as long as the the man that payed Rocky McIntosh is apart of IPTAY they're crooked. And the NCAA basically gave them a pass. Without a doubt he hasn't learned his lesson.

 

[Tigeriffic88]

Why are you here arguing with these people? Why aren't you discussing your upcoming game with Alabama fans?

Everybody else is getting ready for New Year's Eve and I'm snowed in. The only people discussing Clemson football are the people on this board.

 

[864visor]

It was an operating business. You value it differently than the bare real estate. Value should be M*earnings plus equipment plus property value. The assessment is 48,498. But you figure that proceeds are 325k - 6% commission = 305.5k to the seller. Less 50k for the real estate, ignore equipment, and they netted 255k for the business. M for an established small business should be around 4, so that gives you 63k for yearly profit. Does that put the sale price into perspective?

The equipment was used crack pipes and a bunch of small zip lock baggies.

 

[gpcocks]

Everybody else is getting ready for New Year's Eve and I'm snowed in. The only people discussing Clemson football are the people on this board.

Go to this board and leave the tinfoil posse here:

https://forums.rivals.com/threads/hey-bama-clemson-ok-uga-who’s-feeling-confident.789205/

 

[larrydean]

Whatever, whoever and why this property was purchased for $325,000, I don't know, but you are incorrect of what the dollar value on a real estate deed represents.....it is the value of the REAL ESTATE. Even if there was some car wash business generating $30,000 annual net income (unlikely, see below), the money paid for the business is not represented on a real estate deed. The business purchase is a separate transaction and not part of the real estate closing. If there is a dollar amount of $325,000 on the deed then that is what was paid for the real estate.

To your comment about the hand car wash business generating $30,000 net income annually.....ok, let's consider that. You're are saying that there is a hand car wash business (we've all seen those on the side of the road) and it generates $30,000 net profit annually. So, that's $30,000 left over cash after all salaries and expenses are paid. That means the buyer of this cash only business expects to pay $325,000 (your number) and receive $30,000 annually while this cash business is actively managed by an employee of the owner. I'm sure the seller of the hand car wash business had 2-3 years of tax returns showing all the profit produced by this CASH ONLY business to present to the buyer.....right?

Sorry if this sounded jerky but you are made an incorrect defense of the OP's incorrect assumption this deal was to lure a player to Clem.

Anyway, it's unfortunate for Gamecocks this real estate wasn't owned by XT's dad, would have made for a nice rabbit hole to follow. But it's unlikely anyone smart enough to have $325,000 to blow on a 5* recruit is dumb enough to leave a paper trail easily exposed by researching public records.

 

[Horseshoe 04]

How early is too early to get high?

We originally tested this theory in college but I lost track of the rules and research.

Oh wait I forgot what thread we were on

 

[NetworkX]

It's called gentrification. What will happen is investors will buy a lot of the land and businesses in the area to raise the property value on paper, then "donate" the property and land to a nonprofit run by the local government to keep the taxes at a minimum, then they will start building new, shiny buildings and raise the actual value while still having a relatively low tax rate. It's what's happening in Atlanta, DC, Detroit, and several other cities. This brings in the middle class and drives out the poor, thus making a killing on what is now considered prime real estate. But I'm sure this is happening all over the country to get Clemson recruits.

For the record, here's a letter to the editor days later about the gentrification of Florence:
http://www.scnow.com/opinion/letters/article_0544660a-18b8-11e7-9b1f-a33a6cebf95f.html

Have you ever been to Florence? if so you haven't been to that part of Florence. No middle class is going to flock in there. Geez, the justifications are beyond ridiculous. You guys are caught.

 

[NetworkX]

Just a basic concept used in appraisals to say the premise of this discussion might be flawed, not trying to complete a comprehensive analysis of the value of this business / property.

You guys work so hard to create a story to explain Clemson’s success because you can’t grasp the more subtle congruence of many factors such as coaching, facilities, player development, culture, etc, etc. All you could think to do is cheat.

But keep on with your juvenile name calling and outlandish conspiracy theories. It’s entertaining up to the point where I think some of you are mentally unstable.

With your demonstrated expertise in property valuation, I'd like to show you some premier investment opportunities.

 

[Horseshoe 04]

With your demonstrated expertise in property valuation, I'd like to show you some premier investment opportunities.

There’s a bridge in Brooklyn

 

[NetworkX]

Given the board has already misstated the difficulty of getting a subprime car loan, the mechanics of insurance policies, and has debated a US Attorney on the definition of money laundering, I greatly look forward to your next efforts.

Who did the "sub prime" car loan for his Mom on 12/21/17?

 

[Horseshoe 04]

Who did the "sub prime" car loan for his Mom on 12/21/17?

Subsidized by the car wash!

 

[Heyward1]

Dark Horse thread of the year.

 

[Ken M.]

Who did the "sub prime" car loan for his Mom on 12/21/17?

I dunno. You better get on that, because I’m pretty confident THAT is the smoking gun.

 

[Lakecock1]

Who did the "sub prime" car loan for his Mom on 12/21/17?

Don't need a car loan when you trade in a vehicle and pay the balance in cash. Do you really think Clemson is stupid enough to allow a player or family member to 'finance' a vehicle?

 

[MtPleasantCock]

Don't need a car loan when you trade in a vehicle and pay the balance in cash. Do you really think Clemson is stupid enough to allow a player or family member to 'finance' a vehicle?

Does anyone know the VIN number of his Camaro? I’ve got a buddy who works for the DMV that might be able to get us some more info on that.

 

[GamecockJL]

Does anyone know the VIN number of his Camaro? I’ve got a buddy who works for the DMV that might be able to get us some more info on that.

Somebody needs to figure that out.

 

[Lakecock1]

Does anyone know the VIN number of his Camaro? I’ve got a buddy who works for the DMV that might be able to get us some more info on that.

A license tag number should do the trick.

 

[MtPleasantCock]

A license tag number should do the trick.

That too. Anyone got it?

 

[gpcocks]

This thread is gold.

 

[Bigger_Stronger_Faster]

Does anyone know the VIN number of his Camaro? I’ve got a buddy who works for the DMV that might be able to get us some more info on that.

A license tag number should do the trick.

I’ll get my team on it right now...

 

[DW1157]

Geez ... you guys are getting sooo excited with your little sleuthing and its been really entertaining... as usual. But you might want to consider there are several ways to appraise the FMV of a property / business. The net income method would yield a value around $ 325,000 if the business generated net revenue just under $ 30,000 annually. But please continue your delusions.

 

[DW1157]

Tater boy please go crawl back under your rock! I live in smelling distance of Dung Valley, and they are so openly cheating it is not an illusion i only hope that some day the NCAA gets off their butts and does their job.

 

[Tigeriffic88]

Have you ever been to Florence? if so you haven't been to that part of Florence. No middle class is going to flock in there. Geez, the justifications are beyond ridiculous. You guys are caught.

You should take that up with the people making the decisions. Maybe you'll recognize a name or two on the board?

http://www.cityofflorence.com/docs/...cument-library/august-9-2017-drb.pdf?sfvrsn=0

 

[NetworkX]

That makes no sense. As I said before, no middle class gentrification property grab is going to go on in that location. Next to the liquor store and funeral home. You guys are caught. Get ready for the NCAA to move in and set up camp for a couple of years.

You should take that up with the people making the decisions. Maybe you'll recognize a name or two on the board?

 

[Horseshoe 04]

I think XT would be less conspicuous in Ferrari and a matching blue hand bag

 

[JGH 35]

Don’t know and don’t care. Maybe he thought gifting an asset that could be a revenue generating asset was helpful for the not-for-profit. That is a fairly common type of asset (revenue producing) to gift.

No its not. And actually it violates IRS regulations. Income on a property like that would be considered Unrelated Business Income to the non profit housing company, and would be taxable income and could even cause the IRS to revoke the 501(c)(3) designation.

 

[Ken M.]

That makes no sense. As I said before, no middle class gentrification property grab is going to go on in that location. Next to the liquor store and funeral home. You guys are caught. Get ready for the NCAA to move in and set up camp for a couple of years.

Sounds like you have it figured out. Please let us know when you turn this evidence over to the NCAA so we can brace ourselves for the impending firestorm.

 

[Tigeriffic88]

No its not. And actually it violates IRS regulations. Income on a property like that would be considered Unrelated Business Income to the non profit housing company, and would be taxable income and could even cause the IRS to revoke the 501(c)(3) designation.

It wasn’t gifted; it was sold for 5 dollars, so a capital loss. Not sure why, but guessing he’s also an investor in the corner project.

Help me tax experts, but my guess is that he was hit by the AMT and his charitable contributions deductions were limited. So if he had a lot of capital gains, the best way to “gift” it was to sell at a loss and offset those dollar for dollar.

 

[Tigeriffic88]

That makes no sense. As I said before, no middle class gentrification property grab is going to go on in that location. Next to the liquor store and funeral home. You guys are caught. Get ready for the NCAA to move in and set up camp for a couple of years.

I was trying to help you to figure out that a big USC supporter and wife of a trustee is chairwoman of the DRB that approved the project.

 

[Anna_Nimmitty]

That car wash would increase business ten fold if they'd just lose the "us" in its name.

ZACTLY!!! Dead on there Amigo!! Dead F'ing On!!! I mean even if you woulda left the "s" in place, your initial concept is Dead F'ing On!!!!

 

[rogue cock]

It wasn’t gifted; it was sold for 5 dollars, so a capital loss. Not sure why, but guessing he’s also an investor in the corner project.

Help me tax experts, but my guess is that he was hit by the AMT and his charitable contributions deductions were limited. So if he had a lot of capital gains, the best way to “gift” it was to sell at a loss and offset those dollar for dollar.

A$5 deed is a "gift deed" not actual money paid or the sales price. No money actually changes hands. It is basically the filing fee for the deed. It is the "consideration"that makes the transfer legal....same as a contract.

 

[rogue cock]

It wasn’t gifted; it was sold for 5 dollars, so a capital loss. Not sure why, but guessing he’s also an investor in the corner project.

Help me tax experts, but my guess is that he was hit by the AMT and his charitable contributions deductions were limited. So if he had a lot of capital gains, the best way to “gift” it was to sell at a loss and offset those dollar for dollar.

That tax advise would end up with someone paying huge penalties and interest....or in jail for tax fraud.

 

[Rod Dangerfield]

ZACTLY!!! Dead on there Amigo!! Dead F'ing On!!! I mean even if you woulda left the "s" in place, your initial concept is Dead F'ing On!!!!

 

[JGH 35]

It wasn’t gifted; it was sold for 5 dollars, so a capital loss. Not sure why, but guessing he’s also an investor in the corner project.

Help me tax experts, but my guess is that he was hit by the AMT and his charitable contributions deductions were limited. So if he had a lot of capital gains, the best way to “gift” it was to sell at a loss and offset those dollar for dollar.

That does not make any difference. The fact still remains that this non profit now has a for profit enterprize that it now owns. It makes no difference how it was acquired.

 

[Horseshoe 04]

pump

 

[Sulayman]

I’ll get my team on it right now...

Always Be George Peppard