Truck Driver Wins Lambo and Then....
 

What a Mo!

http://mit.zenfs.com/852/2011/12/lambowinner.jpg

Thanks to a Utah convenience store's contest, Frito-Lay truck driver David Dopp won another set of wheels last Saturday: this lime-green, 631-hp Lamborghini Murcielago LP-640, worth at least $200,000. Such an awesome car that will...oops, he already wrecked it.

Just a few hours after getting the keys to the V-12 powered Italian supercar named for a famed Spanish fighting bull, Dopp took to the roads around his home in Santaquin, Utah. According to In Santaquin News, police were called about dusk after a witness spotted the all-wheel-drive Lambo bass-ackwards in a field, with skidmarks from where it left the road.

Dopp -- who had apparently already taken one call from the local police about takin' it easy before going off-road -- says he was going about 40 mph to 50 mph on a 35-mph road when he hit a patch of what he called black ice or gravel. The police report says the car went over a curb, off the road and 75 feet into the field, calling the accident "speed related."

The Murcielago is now bound for Las Vegas, where mechanics will calculate a repair estimate on the busted oil pan and damaged bumper. Dopp, who has insurance, says the day was "an emotional roller coaster." If you mess with a bull, don't be surprised when you get the horns.

What a DORK!

He did it for the insurance money.
Info was found that he asked Leno to buy it from him, the shortly after he crashed it. He asked Leno to buy it because the tax on winning the car was over 100k and he could not pay it.

If I was him I would have taken the cash option instead. It's almost always the smarter thing to do, if not the cool thing.

How could the tax be 100K?

Because the government is broke?
Honestly I would need more details on the MSRP of the car, his current salary, etc. to determine what the tax is, I am just reporting what has been said.

maybe 10k? 100k on a $200k car would be ridiculous

yeah that doesn't make sense...sucks for the guy though, probably his wet dream to own one, he forgot that he needed to know how to drive one too

It will be over 100k in tax, just did some quick calculations and the way it works is:
0-8k is 10%
8001-33k is 15%

All the way up to 35% for over 300k, based on this you will be looking at over 100k for winning a Lambo, sucks but that is how the US tax code is.

I live in Utah and heard about this on the radio today, but all the radio stations said he got rear ended. Not sure if that's the facts. All I thought when I heard that is how do you not see a freakin lime green lambo.

that's crazy...makes me re think ever wanting to purchase a super car

Well, buying a car is different, when you 'win' a prize it is put under as income.
One reason it is usually better to just take the cash prize so you can easily pay the tax, also one reason it is cheaper to take a prize over a period so you pay less in tax.

Oh...thought we were just talking luxury tax...that makes perfect sense now. I'd take the cash up front

Luxury tax is when you buy a car and since this guy won the car it is put under taxable income.

Never won a damn thing in my life so I wouldn't know lol

If you ever do, talk to your accountant about it before you accept the prize, especially large winnings.

I've always known the rule of thumb to be to take cash up front, deal with taxes an invest to offset depreciation. (as opposed to over time)

I won a birthday cake once. :ugh2:

Was it your birthday?

don't ferrari dealers have a running joke on how many kilometres new ferrari owners will manage to drive away from the dealer before crashing their new cars?

For those of us without an accountant wouldn't a tax attourney be just as good?

Not sure actually, but they can probably help they just may bill you more. ;)
The breakdown you need to really look at is, cash v. item, after that determine what the taxes will be on each. For cash you get two options usually, lump sum or payment plan. Lump sum will be a higher tax rate, but you can invest and the money will not lose value from inflation. Payment plan you pay less in taxes, money may devalue over time.

The way I usually look at it is at my younger age I would probably do the payment plan, keep me in a low tax bracket, can use the extra money to supplement rent/car/school, but if I was my parents age I would take the lump sum and spend all of it quickly.

I didn't realize Jay Leno is the only person in the country willing to buy a Lambo.

This dude could have just sold it, paid the tax, and still had enough left for a 911, R8, or something along those lines.



PS. Tax attorneys are generally better but more expensive than accountants

I wish I win something :ugh2: