Kokomo Tribune; Kokomo, Indiana

Breaking News

Archive

March 4, 2009

de la BASTIDE: The shine is off Castroneves’ star

Martin off to horrific start with Hendrick

A year ago Helio Castroneves was sitting on top of the world, a two-time Indianapolis 500 and the winner of the made for television “Dancing with the Stars”.

Currently he is in a battle to keep from spending several years behind bars for income tax evasion.

The U.S. Internal Revenue Service maintains that Castroneves failed to pay taxes on $5.5 million in income.

He claims that he relied on experts on how to handle his finances. Although that defense doesn’t really hold water because he was ultimately responsible for claiming the income and signing the tax forms, it is better than what he is now claiming in a Miami courtroom.

Castroneves is now saying his father controlled a Panamanian entity called Seven Promotions at the heart of the prosecution’s case.

He claims the money Seven Promotions received wasn’t his tax liability because the income was for his father, who had financed and promoted his son’s career for over 10 years.

Does that mean we all won’t have to pay taxes if we designate the use of our income for another person, like a child or spouse.

That defense just comes off as if Castroneves is throwing his father under the wheels of the bus to save his own skin.

Was Helio’s father working for his son while millions were filtered through Seven Promotions.

The truth of the matter is that any money provided to Seven Promotions was still earned by Castroneves and therefore there was taxes owed.

There is no mistaking that Castroneves is one of the most talented open wheel racing drivers in the world today and he has been popular in this country.

But how much of that popularity is being lost on a daily basis during a trial in which the IRS is alleging he evaded paying taxes.

Most fans of the Indy Racing League won’t earn $5.5 million in their lifetimes and will have little if any sympathy for Castroneves and his plight.

I contended all along that Castroneves should have settled with the IRS and paid the amount owed and not gone through a trial.

Even if he wins, Castroneves loses.

There will always be that allegation of tax evasion hanging over his head. Some fans will maintain that he used high priced lawyers to cheat the IRS.

Helio, pay the fine and back taxes and get back to racing with Team Penske.

In other racing news

It has been disappointing to watch the dismal start that Mark Martin has gotten off to with the powerful Hendrick NASCAR team.

Martin decided to join one of NASCAR’s super teams on a full-time basis this year in the hopes of finally securing that Sprint Cup championship.

For the last two events in California and Las Vegas Martin’s car lost an engine. With Atlanta up next this weekend, which is known to be tough on engines could Martin be looking at a third consecutive DNF.

Ken de la Bastide can be reached at (765) 454 -8580 or via e-mail at ken.delabastide@kokomotribune.com

Text Only | Photo Reprints
eEdition
ktbizlinc.kokomotribune.com
Featured Ads
More kokomotribune.com
KT Twitter Updates
Follow me on Twitter

Community Calendar
Loading…
Events by eviesays.com
AP Video
Obama Gives Education Waivers to 10 States Giffords Aide to Run for Her Seat LA School in Sex Abuse Scandal Reopens Winter Slamming North Asia, Parts of Europe Syrian Forces Renew Bombardment of Homs States, Banks Reach Foreclosure-abuse Settlement Raw Video: Italy's Mount Etna Bursts Into Life Greeks March; Angry Despite Debt Deal Raw Video: U.S. Pullout Celebration Raw Video: Annual Empire State Building Run-Up Man Killed in Courthouse Shootout Air Force Airlines: Leaders Get Polished Service Ga Girl Fights Off Kidnapper at Walmart Nevada Highway Patrol, City Settle Beating Case Homs Bombardment Continues, Global Outcry Grows Raw Video: Dog Rescued From Icy Colo. Water Skip the Coffee Cup and Inhale Your Caffeine Fix
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.