Thread: Elliott Capos
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Old 04-18-2015, 08:07 PM
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Originally Posted by jljohn View Post
Hey Todd, I'm not looking to kick up a dust storm or anything, but are you privy to information about the arrangement between Elliott and Rice? You mention that money is "donated" to Rice when capos bearing his name are sold. I'm curious why you put it that way. Nike doesn't donate money to Tiger Woods when they use his name--he gets paid for the use of his name and likeness. I would assume the same holds for Tony Rice--earned money is not a donation. Now, if the Elliott's are going above and beyond any contracted royalty per sale and actually donating cash to Tony, that's awesome!
I don't know that "donated" is the correct legal term, but that is more or less how it was explained to me. Royalties or endorsement fees would normally be taxable income, and they may be here too. I didn't ask. Where this differs from the typical situation is that the effort is being made in order to cover medical expenses, so there may be some mechanism to make this something other than taxable income. Again, I just don't know. I do know enough of the people involved to know that this is a significant effort to help Tony Rice, who hasn't been well enough to perform for some time.

It's also a limited edition of 1951 serial numbered units. If you see anyone using #1313, it's either me or the guy stole my capo!
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