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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:

Hot Wheels loses Ferrari diecast contract to Chinese company

If you're anything like this writer, chances are you've got a diecast model or two kicking around the house. And if one of those models replicates a Ferrari, chances are it's made by Hot Wheels. The Mattel brand secured an exclusive contract from the Maranello automaker in the late 1990s, but the latest word from Hemmings has it that Ferrari has ended its partnership with Hot Wheels and awarded it instead to the May Cheong Group. Unless you're an avid diecast collector, you may not have heard of May Cheong, but you may have heard of its brands Maisto and Bburago. Both brands are longtime players in the model car market, but it's the Bburago part of the deal that's particularly interesting. Founded in Italy, Bburago made a name for itself largely due to the scale Ferrari models it made back in the day. But when the Prancing Horse marque awarded the exclusive contract to Mattel, and with increasing competition from the Far East, Bburago collapsed. May Cheong swept in and scooped it up, and now the Italian model brand, along with its onetime rival Maisto, will be producing diecast Ferraris once again. Whether Bburago will use any of its old tooling to resume production of Ferrari scale models or start from scratch with all-new equipment remains to be seen, as does the matter of whether either it or Maisto will be able to produce the same quality of models as Hot Wheels has with some of its higher-end offerings. Like most collectors, this writer's looking forward to finding out. Looks like it's time to buy another display case.

Ferrari 488 GTB turbocharges its way towards Geneva debut

Automakers left, right and center are embracing turbochargers as the best way to get more power out of a smaller package, and that includes performance automakers like Ferrari. In line with the latest FIA regulations, the Prancing Horse marque turbocharges its Formula One single-seater, and followed the same route with the California T. And now it's done the same with the replacement for the 458 Italia. Dubbed the 488 GTB, Maranello's latest mid-engined V8 supercar arrives forty years after the debut of the 308 GTB that launched Ferrari into the segment. It packs a 3.9-liter turbocharged V8 offering up 661 horsepower and 560 pound-feet of torque. That represents a 64-horse increase over even the extreme 458 Speciale, and an even more impressive torque boost of 162 lb-ft, despite a decrease in displacement by approximately 600cc. (Ferrari isn't saying exactly how many turbochargers its new forced-induction engine carries, but we're likely looking at a pair of twin-scroll turbos.) The new engine is said to be enough to propel the new 488 GTB to 62 miles per hour in three seconds flat, to 124 mph in 8.3 seconds and on to a top speed in excess of 205 mph. And at 1 minute 23 seconds, the 488's lap time at Fiorano is also a good half second faster than the naturally aspirated Speciale and two seconds faster than the Italia. Ferrari says it dedicated significant efforts to keep the engine responsive and the exhaust note enthralling despite the introduction of forced induction – the first time a turbo has been used in mid-engined, eight-cylinder Prancing Horse, since the F40. Of course there's more to the 488 GTB than the turbocharged engine. It also features a revised Side Slip Control 2 (SSC2) system, working in tandem with the F1-Trac and E-Diff systems to keep the supercar on the razor's edge without sliding off of it. The revised bodywork also generates 50 percent more downforce – thanks in no small part to the active diffuser that necessitated moving the exhaust pipes upwards – and a more slippery shape than any production Ferrari yet. The interior has likewise been revised with new control clusters, air vents, instrument panel and infotainment system for optimized ease of use. The new Ferrari 488 GTB – shorthand for Gran Turismo Berlinetta – is set to debut at the Geneva Motor Show next month, but you can scope it out now in the high-res image gallery above and the full details in the press release below.