Suge Knight Tightens Belt

[proverbs aka DD]

it's interesting that he 'rents' and not actually 'owns'.

and trust me, its easy to have that much in bills to pay every month..

[mrtonguetwista]

who gives a fuck how he's livin. fucking dick riders aka nate.


now chuuuuuuuuuuuuuuuuuuuch 

I just chuckled

[KURUPTION-81]

The shooting, for which no arrests have been made, cost Knight $200,000 in hospital, physical therapy, private plane, and other expenses

[StevenQBosell]

Somebody brought this up earlier, but why is Suge Knight renting anything?

Millions of dollars and record sales later, yet he's renting?

[No Compute]

The shooting, for which no arrests have been made, cost Knight $200,000 in hospital, physical therapy, private plane, and other expenses

Same thing I thinking, what the fuck did he need a private plane for.

[floatin_above_everything]

Wait, so instead of paying $11,000 a month, he's gonna be paying $10,000 a month instead? Big downgrade.

LMAO...exactly. What an idiot.
Btw: am I reading this right:

In a sworn declaration filed last month in U.S. Bankruptcy Court, Knight details his monthly expenses, which total $51,000.

Suge has $51,000 worth of expenses EVERY month? WTF does this guy buy each month?

You know those burgers add up quick.

[Efrain]

Wait, so instead of paying $11,000 a month, he's gonna be paying $10,000 a month instead? Big downgrade.

LMAO...exactly. What an idiot.
Btw: am I reading this right:

In a sworn declaration filed last month in U.S. Bankruptcy Court, Knight details his monthly expenses, which total $51,000.

Suge has $51,000 worth of expenses EVERY month? WTF does this guy buy each month?

These aren’t accurate numbers. He's purposely inflating his debts and intentionally downplaying his assets. That's what you do when the IRS comes knocking. If you told them you didn’t have any debts and meanwhile had tons of assets (think OWNED vehicle, OWNED home etc) then the IRS would logically say:

"Ok Mr. Knight, well it seems you don’t really have any creditors and you own a lot of expensive stuff outright... sooo why don’t we just liquidate everything you own to cover your debt to us. Oh, and because you don’t need to make monthly payments on anything, and you lead a very modest lifestyle we'll just withhold any future income you receive and give you a monthly stipend so you can maintain your current situation."   

So he's trying to create the illusion he has a LOT of creditors, a LOT of financial obligations (to kids etc) and that he leads a VERY luxurious and lavish lifestyle to give him a kind of buffer zone. The larger he can get that monthly financial obligations number the more he can keep after the IRS has taken everything. 

[dclee]

first post i've seen by nateandmiles without the now chuuuuuuuuuch 

 

[CRAFTY]

@ Efrain: True, but I'd presume that an organization such as the IRS would be able to see through Suge's bullshit and lies. Especially since he's a media-icon that has always been in the spotlight. I don't believe they will take that shit from him...

[BJV]

That ole thing called Karma.

[J$crILLa]

if Suge knew how to keep people happy and not fuc every1 over and not hurt his own people he wouldn't be in this situation

he fucked himself over

[Efrain]

@ Efrain: True, but I'd presume that an organization such as the IRS would be able to see through Suge's bullshit and lies. Especially since he's a media-icon that has always been in the spotlight. I don't believe they will take that shit from him...

Well then perhaps you’re being too presumptuous   

3/4ths of those employed by the IRS are the same accountants that work at H&R block and do individual tax returns. It isn’t as though we're talking about criminal justice investigators with state of the art electronic forensics and CIA technology overseeing everyone audited (or in collections).

Individuals in receivership (in collections) from the IRS are subject to the same protocols and procedures as everyone else, whether your name is Suge Knight or Joe Blow. I know several people who have been in receivership from the IRS and when consulting their lawyers both were told to inflate your debts, downplay your assets and appear (physically) like you are a homeless dirty bum (holes in pants and all) living a miserable destitute life of penury. The IRS will (and often does) settle debt for pennies on the dollar so if you can convince them you have nothing they will ask for only a nominal amount and leave you alone, conversely if you look like you're doing pretty good.. well your fucked.

It inst necessarily “bullshit” that the IRS has to see through as you suggest. Suge, at his lawyer’s advice, probably sought out ridiculously high cost apartments and car leases and so forth to create more creditors and debt. He could have just as easily worked out an arrangement with his baby mothers where they claim Suge is obligated to pay an agreed upon amount much higher than the amount they actually receive. The “grand inquisition” Suge has to face is ultimately only a face-to-face meeting with a single IRS agent submitting an offer for negotiation and they will either accept or deny at which point he either submits a new number or if they accept it’s done with. It's not like he's on trial here.

[proverbs aka DD]

@ Efrain: True, but I'd presume that an organization such as the IRS would be able to see through Suge's bullshit and lies. Especially since he's a media-icon that has always been in the spotlight. I don't believe they will take that shit from him...

Well then perhaps you’re being too presumptuous   

3/4ths of those employed by the IRS are the same accountants that work at H&R block and do individual tax returns. It isn’t as though we're talking about criminal justice investigators with state of the art electronic forensics and CIA technology overseeing everyone audited (or in collections).

Individuals in receivership (in collections) from the IRS are subject to the same protocols and procedures as everyone else, whether your name is Suge Knight or Joe Blow. I know several people who have been in receivership from the IRS and when consulting their lawyers both were told to inflate your debts, downplay your assets and appear (physically) like you are a homeless dirty bum (holes in pants and all) living a miserable destitute life of penury. The IRS will (and often does) settle debt for pennies on the dollar so if you can convince them you have nothing they will ask for only a nominal amount and leave you alone, conversely if you look like you're doing pretty good.. well your fucked.

It inst necessarily “bullshit” that the IRS has to see through as you suggest. Suge, at his lawyer’s advice, probably sought out ridiculously high cost apartments and car leases and so forth to create more creditors and debt. He could have just as easily worked out an arrangement with his baby mothers where they claim Suge is obligated to pay an agreed upon amount much higher than the amount they actually receive. The “grand inquisition” Suge has to face is ultimately only a face-to-face meeting with a single IRS agent submitting an offer for negotiation and they will either accept or deny at which point he either submits a new number or if they accept it’s done with. It's not like he's on trial here.

you make alot of sense.. but unfortunately, suge knight is in the hands of a bankruptcy court... and they are not the same people as the irs.

The IRS are the people who collect taxes. They can and will audit your earnings to see if the appropriate amount of taxes have been paid. So anything that Suge is doing now will only affect the taxes he pay for 2007.

Bankruptcy is ran by a bankruptcy court, judge and all. So actually, he IS on trial. Because his creditors (including the IRS) are going to court and trying to get him to pay as much as he can. Now maybe the IRS will not make much effort to provide evidence that Suge is doing what people say he is, but i guarantee you the Harris' are doing so.

[Gotti......Xl]

fuckin  camron is gay

[nateandmiles]

first post i've seen by nateandmiles without the now chuuuuuuuuuch 

 

Now chuuuuuuuuuuuuuuuuuuuuuuuuuuuch

all you other fags die slow