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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:

Ferrari 488 Special Series V8 named Pista in leaked photos

Ferrari Photo Page leaked Ferrari's presentation of the 488 Special Series last month. Today, the site's Instagram has what appear to be press shots of the coming Ferrari that reveal the coupe's name: 488 Pista. The word "Pista" means "track" in Italian, and it would be the next peak in the lofty range already notable for the 360 Challenge Stradale (Road), 430 Scuderia (Team), and 458 Speciale (Special). We also get a few potential specs, namely a rumored 721 horsepower. If the press photos are accurate — everything in front lines up with the blurry screenshot from the recent teaser vid — we can begin to see how Ferrari increased aerodynamic efficiency by 20 percent over the standard 488 GTB. Autocar says Ferrari's aimed at the 340 kilograms of downforce produced by the Porsche 911 GT2 at 155 miles per hour, 15 kg more than achieved by the 488 GTB. Instead of a hood carved out with two deep scallops as on the 488 GTB, nearly the entire span of the hood on the 488 Pista plunges before reaching the leading edge. In back, a large, heavily dished wing tops a new rear fascia, its center span hovering a few inches above the bodywork. Below, a much more aggressive rear diffuser sits between vertical vents at the flanks. The interior doesn't look much changed, but note the carbon fiber floor instead of floor mats, the leaner center tunnel area, and shift selector buttons on a stalk styled after the one in the LaFerrari. A reveal at the Geneva Motor Show seems likely, where we'll look forward to detailed specs on that engine derived from the 488 Challenge race car but 10 percent lighter. Based on what we've seen so far, a Geneva debut will be thrilling no matter how much of the 488 Pista leaks before then. Related Video: Featured Gallery Leaked Ferrari 488 Pista Images News Source: Ferrari Photo Page Rumormill Geneva Motor Show Ferrari Coupe Luxury Special and Limited Editions Performance Supercars 2018 Geneva Motor Show ferrari 488 ferrari 488 pista

Why the Ferrari Testarossa deserves some respect

Join us for a moment in putting on our way-back hats, zeroing in on the late 1980s. Imagine that you're in your bedroom. Look over at the wall across from your bed. What car do you see on the poster? If you're anything like us, it's a Lamborghini Countach - in fact, it's a trio of Lamborghini Countach models in an array of colors. Oh, and there's also a 1:18-scale diecast Countach in black sitting on our dresser with its scissor doors locked in a skyward embrace.
Of course, the Raging Bull wasn't Italy's only great supercar from the 1980s, especially if you cast your lot at the temple of the Prancing Horse. The Ferrari Testarossa, as pointed out in the latest video from Petrolicious, is an oft unsung hero penned from the stuff boyhood dreams are made of. Far from a *ahem* red-headed stepchild, the Testarossa deserves a place in the minds and hearts of '80s supercar fans the world over.
Scroll down below to watch vintage car collector Joe Ventura talk about the Ferrari Testarossa with beautifully bright red Italian design serving as a fitting backdrop.