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Michigan man gets jail time for Ferrari engine sale

Tax evasion is not something to mess about with. Ask Al Capone. For most of us that sell stuff, though, it's not something we really think about. Are you honestly going to pay taxes on that old iPhone 5 you sold? The couch with the questionable stain? No, because paying tax on something you sold for a relative pittance is just a pain in the butt. If you sell one of Aurelio Lampredi's Ferrari engines – used in a range of vintage racers, including the 750 Monza shown above – for over $600,000, you might want to make a point of paying the taxes on your profits. A Michigan man found that out the hard way, Reuters reports, after selling the Lampredi engine in 2009. 71-year-old Terry Myr of Smiths Creek, MI, was convicted in April of tax evasion and four counts of failing to file a tax return and was sentenced to two years in prison and two years of supervised release on Thursday. He was also ordered to pay $738,904 in back taxes, interest, and penalties – he already owed $195,000 in back taxes before his conviction – by a US District Court judge, Reuters reports. Now, this wasn't a simple case of Myr forgetting to set some money aside from the sale. The buyer wire-transferred the $610,000 into a corporate account he made the week prior. Then, Myr promptly withdrew $360,000, which he used to buy silver and gold coins, while the remainder was transferred to other accounts – be they personal or corporate – or simply used for checks to cash. Hence the tax evasion charge. According to Reuters, no explanation was given as to how Uncle Sam uncovered the engine sale in the first place. Related Video:

Fast and Furious 7 has resumed filming, and here's proof

It seems that Fast and Furious 7 is finally back in production. The UAE-based Speeed spotted crews from the movie filming in Abu Dhabi with help from the local police. According to Speeed, the production worked with the constabulary to shut down several roads in the metropolis and simulate a police chase with a Ferrari 458. This is the first real evidence that Fast and Furious 7 is still being made. After production of the flick was suspended in the wake of Paul Walker's death, the future of the film was put in doubt. Then it was announced that the film was being rewritten, and Vin Diesel said that the release date had been pushed back to April 10, 2015. Walker is rumored to still appear in the movie because several of his scenes were completed prior to his passing. Scroll down to watch the scene being filmed, and, if you're a fan of the series, get excited for next year when we can actually see it on the big screen. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Will this 1966 Ferrari three-seater surpass $20M at Pebble Beach auction?

With a week of lavish automotive events coming up centered around the Pebble Beach Concours d'Elegance in August, some of the highest profile auto auctions in the world are about to take place. Hearing about Ferrari Testa Rossas and 250 GTOs going for tens of millions of dollars during these events is commonplace, but Gooding & Company is bringing a unique Prancing Horse to sell in California that could be a record-breaker for the company.
The car in question is the drop-dead gorgeous 1966 Ferrari 365 P Berlinetta Speciale with just 7,900 kilometers (4,910 miles) on the clock that's pictured above, and it checks all of the boxes to make it incredibly desirable. First off, just look at it. The flowing lines and giant, tinted moonroof really make this Ferrari a head-turner. Inside, it has the distinctive feature of three seats with the driver slightly forward in the middle, kind of like the McLaren F1. And what a view from behind the wheel with all of the expansive glass in front of and above the driver. According to the auction listing, Pininfarina displayed the Speciale at a variety of international motor shows in 1966 and 1967.
If the looks aren't enough, then the provenance puts this Ferrari over the top, for sure. Underneath those gorgeous lines is the chassis from a Ferrari 365 P2 endurance racer. The sale claims that this was the first mid-engine, Ferrari 12-cylinder model created from the start as a road car. After touring with Pininfarina, it went to Luigi Chinetti, the first man to sell a Prancing Horse in the US and the boss of the company's North American Racing Team. He sold it twice, but the Speciale has been in the hands of the Chinetti since 1969.