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Mr. Knoll's Funding Source (1 Viewer)

rocketman

rocketman

Nitro Member
Well, we finally know where all the money came from. Mr. Knoll apparently got part of his endless funding from a 15 million dollar loan from the Michigan Chemical Bank. The loan was proped up by wholesale gasoline excise tax rebates from the US Government. He was literally getting between 3 and 9 million dollars per quarter from the IRS until they finally witheld payment.

All this so Mr. Knoll could be a big shot in drag racing. Meanwhile, the bank is saying that Mr. Knoll is playing peek-a-boo and "hide and seek" with regulators, creditors and the Feds as he hides out in Northern Michigan.
 
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Registered member said:
..............The problem is that racing fuel is exempt from the rebates......
Click to expand...

That's not correct , the racing fuel is exempt from the road tax.
It is the amount of gallons in the rebates that is in question.
I believe the federal road tax is under $0.20, so for 9 million dollars in rebates per quarter, Torco had to sell 45 million gallons per quarter :eek:
I know race cars don't get good mileage, but they don't drive many miles, I guess last year someone at the IRS figured that out.
 
I'll go re-read it but I believe it said that racing fuel did not qualify for the rebates. What I want to know is why they give these rebates out in the first place?
 
OK, this is why I thought that:

"According to the documents, Torco says it did not pass those taxes on to its customers who used its formulas in race cars. Excise taxes are charged for fuel used in street vehicles. The company said it filed for the rebates to recoup the excise taxes it paid to the government.

IRS investigators said Torco was not entitled to the excise tax rebates,"

This is even worse then as it clearly shows it wasn't an error on the side of Mr. Knoll.
 
Last edited:
Registered member said:
Well, we finally know where all the money came from. Mr. Knoll apparently got part of his endless funding from a 15 million dollar loan from the Michigan Chemical Bank. The loan was proped up by wholesale gasoline excise tax rebates from the US Government. He was literally getting between 3 and 9 million dollars per quarter from the IRS until they finally witheld payment.

All this so Mr. Knoll could be a big shot in drag racing. Meanwhile, the bank is saying that Mr. Knoll is playing peek-a-boo and "hide and seek" with regulators, creditors and the Feds as he hides out in Northern Michigan.
Click to expand...

Absolutely disgusting.
 
I remember hearing something about Evan selling some business of his for 800 million dollars and his sponsorship dollars were strictly interest. I guess that wasn't the case.
 
Whether he hit his head or the date of the loan is immaterial. The fact is, he stole money from the US taxpayers and the stockholders of Chemical Financial Corp.

The excise tax scam he was working was doomed to fail. Excise taxes are not charged on certain off road activities (ie; farming, construction) and racing is not one of those activities. Recreational sports like boating and racing have to pay excise taxes on motor fuel, and his claim that he did not pass along those costs is pure BS. Even if he did not pass along those costs, that does not entitle him to a rebate of those costs, from the US taxpayers. Racers can claim motor fuel as a cost of doing business on their taxes, but they are not going to get a rebate for those costs. What this POS did is just flat out criminal and he knew it!

“Oh what a tangled web we weave, When first we practice to deceive”
Sir Walter Scott

Pat
 
Registered member said:
banks screw people out of money every day. Kudos to them for screwing back!:D
Click to expand...

AAAAAHHHHH, Maybe you want to re-read the article. The STOCKHOLDERS took it in the a$$. Stockholders are just regular people that maybe invested their 401k or IRA money in the bank's stock looking for a decent return. Then again, maybe it was funding for their kid's education.

Maybe if you had money in that bank you might be whistling a different tune.:rolleyes:

Pat
 
The whole head injury story may not seem as legit amidst all of these updates. After all, didn't make passes in his fuel car after his injuries?
 
He did, but he boasted on this board that anyone could walk into any doctor in America and pass a physical.

He must not have passed the head injury information on to the doctor doing the exam.

Brian
 
Registered member said:
Whether he hit his head or the date of the loan is immaterial. The fact is, he stole money from the US taxpayers and the stockholders of Chemical Financial Corp.

The excise tax scam he was working was doomed to fail. Excise taxes are not charged on certain off road activities (ie; farming, construction) and racing is not one of those activities. Recreational sports like boating and racing have to pay excise taxes on motor fuel, and his claim that he did not pass along those costs is pure BS. Even if he did not pass along those costs, that does not entitle him to a rebate of those costs, from the US taxpayers. Racers can claim motor fuel as a cost of doing business on their taxes, but they are not going to get a rebate for those costs. What this POS did is just flat out criminal and he knew it!

“Oh what a tangled web we weave, When first we practice to deceive”
Sir Walter Scott

Pat
Click to expand...



More honset words cant be spoken.What he did was criminal with INTENT.He was fully aware of what he was doing,forget the head injury...real weak...sounded good for just a fleeting moment,but it just cant cover it.I only hope that when the verdict is read that he is charged accordingly.Then when he moves into his new residence and he meets up with the neighbors,i betting he will be quite humble......no more tough guy.And from what i understand the new neighbors really dont give a rats a$$ on how much money he says he has or makes or does.Game over.
 
I'm sure there will still be people on here lauding this guy for his "contribution" to the sport and making so many people's dreams come true.
 
Maybe the head injury was mentioned earlier this year for when he is actually in court,Im sure his lawyer will come up with he didnt know what he was doing,becuz of his head injury lol.
 
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