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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:

Bid on Floyd Mayweather's Ferrari Enzo in New York

Floyd Mayweather has a bit of a thing for supercars. Heck, he bought 100 cars from one dealership alone. While his Ferrari Enzo is just one of many impressive cars in his collection, it's certainly special. And it's for sale. The 295th example in a run of 400 was done up in Rosso Corsa over black leather and sold new to a buyer in Dubai who barely ever drove it. Mayweather bought it from its original owner last year and put it in his collection, alongside so many other Ferraris and Bugattis. He only drove it some 200 miles, though, leaving this as one of the lowest-mileage Enzos around with just 560 miles on the odometer. Now that Mayweather is retired, he's putting the Enzo up for auction, consigning it to RM Sotheby's for its upcoming Driven By Disruption sale in New York next month. The record for the highest price paid for an Enzo at auction currently stands at over $6 million, set at Monterey this past summer by - you guessed it - RM Sotheby's. But that was the very last example, made for Pope John Paul II, with just 111 miles on it. The next highest price (also achieved by RM) was recorded a year prior at $1.925 million. That all-black example had three owners who clocked over 8,000 miles on it. The auction house anticipates that this example will sell for $3-3.5 million. Given the celebrity provenance and low mileage on this example, we won't be at all surprised to see it reach that amount. 2003 Ferrari Enzo Chassis no. ZFFCW56A130135440 Engine no. 79706 Assembly no. 52427 660 bhp, 5,998 cc DOHC 65-degree V-12 engine with Bosch Motronic engine management and electronic fuel injection, six-speed electro-hydraulic computer-controlled sequential F1 transmission, limited-slip differential and traction control, front and rear pushrod-actuated double wishbones with horizontal external reservoir coil-spring damper units, and four-wheel ventilated carbon-ceramic disc brakes. Wheelbase: 104 in. - The 295th Enzo of 400 produced - Just two owners and 560 miles from new - Formerly owned by renowned boxer Floyd Mayweather - Surely one of the finest Enzos extant FERRARI'S 21ST CENTURY SUPERCAR At the Paris Motor Show in 2002, the pressure was on for Ferrari to unveil its latest supercar. The company was back on top after years of struggling both in motorsport and in sales, and it was clear that their next supercar, the successor to the Ferrari F50, would be a monumental milestone for the company.

Race Recap: 2014 US Grand Prix goes the English way yet again

Thankfully, the weekend's Formula One dramas all concerned events that happened off the track, with both Caterham and Marussia going into administration, after which a rumored boycott by the small teams was avoided. That gave the 18 drivers left on the grid freedom to focus on making the most of the Texas sunshine for Sunday's US Grand Prix.
Having finished two Free Practices behind teammate Mercedes AMG Petronas teammate Lewis Hamilton, the second one just .003 behind, Nico Rosberg said he had speed in hand and proved it during qualifying, beating Hamilton to the top spot by four-tenths of a second. Williams drivers Valtteri Bottas and Felipe Massa came behind, followed by Daniel Ricciardo in the Infiniti Red Bull Racing, Fernando Alonso in the Ferrari, the McLaren duo of Jenson Button and Kevin Magnussen, Kimi Räikkönen in the second Ferrari, and little-team Sauber bursting out of the storm clouds into tenth, Adrian Sutil making the team's first-time Q3 appearance all year.
When it came time to race, the carbon-fiber fisticuffs began on the first lap.