Forum: HoseHeads Sprint Car General Forum (go)
Moderators: dirtonly  /  dmantx  /  hosehead

No, what I was trying to infer was that the guy is an awesome business man that actually sold out of the "aviation" part of his business and is now making a ton of money in bottled water. 

I love it. I love that he loves any and all of racing and sorry I can't get the link to work. 

Wrong Priority Aviation, Richard Marshall’s is the the Priority Aviation services LLC IN San Antonio Tx

....seems to handle all his business correct...google shows all..

Gulftex Energy / Priority Aviation Services / all his race teams all registered...San Antonio, Tx

we are blessed to have Richard Marshall and likes of Tod Quiring ( Mainstream Holdings_ Big Game ) support our sport... 

Nothing suspicious about a 21 year old having 500k to spend on a sprint car.

Tax write offs. Racing is a business, even your local weekend racer, it' a business. The winnings are taxable, so your losses are as well. Every single cent that is spent on racing or anything that has to do with racing, every piece of equipment, tools, fuel, haulers, fuel for car and hauler, memberships, depreciation, repairs, crew salary, every single cent that is spent in any way to get the car to the track and race is claimed on taxes and if they can show a loss, they will get most of it back. Obviously, teams can show huge losses. Combine that with sponsorship money and thats how these guys make it. Now when you've got team owners that own other businesses like most big teams do like woo teams, they make big financial gains in their business, they can go spend big $ on racing and show that as a loss or spenderatures it helps thier other business or themselves as a whole. Priority aviation...racing tax write off. Kasey K, earnings and endorsments.....racing tax write off. Big game tree stands....racing tax write off. Similar deal, my buddy makes a bunch of money with his construction business. At the end of the year, instead of paying taxes on big profits he will go buy an expensive piece of equipment to show a loss on so he doesn't have to pay taxes on profits. So pay taxes on profits or spend it on a piece of equipment to have and use........?  Thats how these sponsers/ owners do all this stuff. They certainly don't s*** thousands of $ out their asses. People don't just lose thousands and thousands of dollars and be ok with it. These people like Mr Marshall are most likely benefiting tieing racing to thier other businesses. If it was actually costing them as much as it looks like the are spending, they wouldn' be doing it

Someone finally said it. Hurray. It's a tax relief, the guy has a choice, give it to uncle sam OR spend it somewhere on something you enjoy. The guy enjoy's racing and he tries to help out as many teams as he can. Good for him, JW Hunt was the same way. He would rather give it toward something he loved instead of the goverment. As for him backing Logan and not Jacob ? I think we will have to wait and see after the trailer door comes down and the cars roll out. Remember, both teams travel out of 1 trailer. 

Not sure how you figure Peace did nothing wrong.    I don't see any way he didn't know about his girlfriend's HUD scam.   Not sure if he was indicted or did jail time or not.   As I remember it, he gave $600K to Wolfgang and I think it was supposed to be for two years.   I could be wrong on that though.   Maybe there are a few folks who know more about that situation.   

I see that I was wrong... I was interested in seeing what kind of business Priority Aviation is and when I looked it up I should have looked further in to it!

( Not that there is anything wrong with getting rich off bottled water such as Telluride!) 

My apologies! 

It happens, however I did order 15 bottles of stoner water. Thanks for the hot tip!

I think it's great that they are so supportive of dirt racing and racing as a whole. We are lucky to have people like the Marshall family who spend so much money supporting dirt racing. Having said that, I don't understand is why they use Priority Aviation as the company they're promoting through the sponsorships. They have spent millions  and millions of dollars sponsoring/owning cars in any and all forms of dirt racing plus Bryans indy 500 car (and I even believe they've sponsored a NASCAR team or two in a small capacity). They've done a great job of promoting the Priority Aviation brand but then when you go online there is no company website or anything and it is very hard to find out any information about the company. Like I said, I'm happy that they are so supportive of dirt racing and they seem to be great people who have lots of fun being involved in racing but I don't understand how they benefit in any advertising capacity whatsoever.

its very simple..its an internal company( Priority Aviation Services) Off one of the parent companies..( GulfTex Enegy )....just look @ Rick Hendricks  business also has  aviation company...no different...

It's very different. Rick Hendricks internal aviation company isn't sponsoring 25 race cars.

You might not want to know why he makes one brand visible and not another. Not saying its illegal but i know i dont know much about BIG business. My logic stops at about $100 000 a year. 

Have a Great Christmas everyone. I enjoy the forum. Has been very educational and enlightning. Its more than just racing, even learned about google from Ford97. Lol

Even though I may not know you, I 
care what most of you think!

If it was that easy, there definitely wouldn't be any shortage of cars. Eveyone would be doing it. 

A

Thank you to all the sponsers who support dirt track racing! Some people I do not think really understand tax write offs. Example if a company clears $1 million profit then spends that money they do not save $1m. Worse case perhaps $450k would be paid in taxes so $550k could be in their pocket so they still spent $550 k of money they hope that the enjoy or gain financial  return.

Tax write-offs are much more complex than anything described in this thread regarding large corporate business. Evidently, only Trump has all the answers to the tax laws. Who else can buy his wife a $3 million diamond ring, and pay no income taxes?

Not sure where you get your info on Trump and taxes but you might want to consider getting it somewhere else, because you're wrong.   Trump's tax return from 2005 was leaked and shows he paid $38 million on income of around $150,000.   He does have the ability to write some things off if he loses a bunch of money, but in the real estate business anyone would do that.   

Apparently the "law" had nothing they could indict Danny Peace on other than maybe ignorance which is sometimes an excuse, sometimes not, anywho, that's what Wolfgang's book said, "he wasn't arrested and did no time in jail".  Hard to find anything about his HUD girlfriend and what happened to her.  Wolfgang made a ton of money in those couple years.  How loose can the accounting records at HUD possibly be?

Lawlessness + liberalism = HELL -  NYC, Detroit, Chicago, 
Seattle, LA  Who the H runs those cities. 

EasyE seems to have about the same level of knowledge concerning tax "writeoffs" as Kramer did on Seinfeld.

Even with the "writeoff" those guys that spend $1,000,000 on a sprint car team are still spending $500,000-$600,000 of money out of their own pockets assuming that their business had a profit of much more than $1,000,000 to start with.

You mean he paid $38 million on income of arorund $150 million. 

As far as ignorance being an excuse in Danny Peace's/Wolfgang deal, reminds me of Helio Castroneves using that very excuse (ignorance) to keep his butt out of jail for 5-7 years when he invested a lot of money in a huge tax saving off-shore deal, was caught and pleaded ignorance,  which is done by more than one athlete to be sure.  You sign that return and that should be it!

Lawlessness + liberalism = HELL -  NYC, Detroit, Chicago, 
Seattle, LA  Who the H runs those cities.