First 86 Long Beach Trip Registry

[Dadhawk]

Originally Posted by lilson09

Have you received any info on the APV? I would like to attend this event and meet with other first 86, but if it is going to cost me $500 ($2000 (APV) x .25) I would rather spend that money on the car.

I haven't received any further info yet, I'm going to call later this afternoon if I have not heard after they get into the office. The cost will depend on where you are coming from I suspect (airfare being the variable). For me, the airfare alone would be between $400 and $600 if booked today based on Expedia between ATL and LAX or Long Beach. Don't forget its a holiday weekend.

I think you can pretty much bet the value will be between $1500 and $2000 based on airfare/3 nights hotel/transportation/tickets to the race etc.

[borge12]

Now, there is the chance that they will pay the tax and we really won't pay anything. It's a fool's hope, but, I've never been very smart.

[Dadhawk]

Originally Posted by borge12

Now, there is the chance that they will pay the tax and we really won't pay anything. It's a fool's hope, but, I've never been very smart.

Hey I've been a fool before, I'll take a gross-up to cover (most of) the taxes! Of course you can never get to 100% covered.

Doesn't look like they did that for the previous Miami trip or other contest though. Had they done it then I'd be more inclined to think it would happen.

UPDATE: Talked to Sydney at Beyond. She says "We're still waiting on that info, which I'm hoping to receive soon... I'll definitely send it over when I do."

[terrypm]

Add me to the trip.

[chate]

IN

[HotLavaMann]

I'm in. Heard something about showing up with shirts the color of our cars on order... have to come up with a burnt orange colored shirt I guess.

[Batch1023]

I'm IN

[ft86nub]

I couldn't go, easter weekend leaving the wife and baby? Not going to happen.

[borge12]

Originally Posted by Dadhawk

UPDATE: Talked to Sydney at Beyond. She says "We're still waiting on that info, which I'm hoping to receive soon... I'll definitely send it over when I do."

Still no word?

[Dadhawk]

Originally Posted by borge12

Still no word?

No, and she didn't seem to know when we would hear.

[OrbitalEllipses]

Originally Posted by Dadhawk

No, and she didn't seem to know when we would hear.

Well according to RussV, they've sent out W-9 forms. I'm not sure how that plays into this, but I'm sure there's people that want to hear your opinion on the matter.

[Dadhawk]

Originally Posted by OrbitalEllipses

Well according to RussV, they've sent out W-9 forms. I'm not sure how that plays into this, but I'm sure there's people that want to hear your opinion on the matter.

I just got the email, so I'm sure everyone else did as well or its on the way. I don't know if the estimated $800 value is the final value you'll end up on the 1099 or W2G, or if it will be actual cost with airfare being the variable. I have a note into them about that question.

Also, I should add I am not in any way, shape or form and expert on this subject, I've just had to pay it for other winnings before.

The pertinent part is

Please note, Beyond Marketing Group ("BMG") has invited you to a special Scion FR-S event that we are promoting on behalf of our client Scion/Toyota Motor Sales, U.S.A., Inc. You have been invited as a result ofyour inclusion in the First 86. As a result, BMG will provide airfare, transportation, hotel and meals for approximately 3 days to attend a showcase of the FR-S vehicle at Formula Drift and production facilities on-site at Toyota. The promotional value of this package is estimated to be $800 and will be subject to Federal and State reporting requirements.

[OrbitalEllipses]

So the W-9 is not pertinent to whether or not this is going to cost winners $tax? You'll have to excuse my dire lack of tax/IRS knowledge.

[Dadhawk]

Originally Posted by OrbitalEllipses

So the W-9 is not pertinent to whether or not this is going to cost winners $tax? You'll have to excuse my dire lack of tax/IRS knowledge.

You'll have to include it in your taxable income next year, and you'll pay your effective tax rate on it for both federal and state (if you have it) just as if it was paid by your employer with no withholding.

So, really you are getting a deeply discounted trip, not a "free" trip. In my case, I'll effectively pay around 30% of the value with Fed/State taxes.

At least, that has been my experience in the past.

DISCLAIMER: BTW, for those that may think otherwise, I am in no way whining, complaining, or have any other negative remarks about SCION for this. I think it's one hell of a great thing to do. I just want to be sure all my fellow First 86'ers know this piece of the story so they aren't caught off guard (or worse have to explain it to their +1 next tax season!).