I'm sure that it doesn't apply to any of our readers, but just in case, be sure to get to those extended corporate, pass-through, and trust tax returns filed by the end of today. Joe Kristan reminds everyone that the penalty for late filing of pass-through returns is $195 per K-1, so that should help motivate the stragglers. Happy September 16th! [Tax Update]
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Fans Help Thomas Hearns Pay Tax Debt By Purchasing Decades-Old, Sweat-Encrusted Items
- Caleb Newquist
- April 5, 2010
Thomas Hearns has no doubt seen the embarrassment that some of his fellow celebrity/athletes have suffered as the result of their tax scofflaw ways and decided that he would only suffer minor embarrassment. Hearns made over $40 million during his career but managed to owe back taxes of $448k, not to mention over $500k in overdue mortgage payments.
Rather than drag the proceedings on further, Hearns decided to get proactive on this little obligation and decided to hold an auction of memorabilia and other personal items to satisfy his debt. And since the bulk of Hearns’ career existed when boxing was still somewhat legitimate, these particular items probably still had some semblance of value to collectors/hoarders of random shit.
Items sold included a robe from a bout with Sugar Ray Leonard for $1,100, to trunks, gloves, headgear, ATVs, boat, ’57 Chevy. Pretty much anything that touched Hearns body that had ever been stained by sweat, blood, and any other bodily secretions (and those of his opponents) were auctioned off to satisfy the debt.
Hearns admitted to the Detroit Free Press that this all seems a little ridiculous considering the money he made, “I made a lot of money in boxing. But as a man who had a large family, people looked at you as their savior. You tried to help them by giving. It doesn’t stop. I’m the big brother — I give and I give.”
Ahhh, yes. The free-loading relatives. The types that don’t pay you back for that grip you loaned them for a [insert luxury vehicle of choice]. Should have known. Luckily, true fans of the boxer are more than eager to own funky jock straps to help out the champ.
Thomas Hearns, at auction, rolls with punches [Detroit Free Press]
Boxing legend Thomas Hearns risks losing home [Tax Watchdog]