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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:

Here are all the new 2022 season F1 cars (UPDATED)

Update: Since this post's original publishing, the rest of this season's teams have revealed their 2022 cars. We've updated the post with all of them, so it now includes every 2022 F1 car on the grid. The updated story continues below. Reveals of the 2022 F1 cars are coming fast and heavy, and at this point, every team has shown off their redesigned cars. This being the case, we figured it was time to provide you all with a place to see all the cars at once. The gallery above holds photos of all the cars, and below you’ll see all them broken down by teams and drivers, along with quotes from the drivers and team leaders that come via F1Â’s official website where the cars were revealed. Mercedes W13 - Lewis Hamilton and George Russel "It just takes you back to being a kid," Hamilton said. "I think itÂ’s always exciting watching, I mean with this new era of car, weÂ’ve never seen such a drastic change, right? "So itÂ’s such a huge change in so many ways, that itÂ’s just been really interesting seeing the designers and everyone coming together to find the best ways of creating a masterpiece." “It feels incredible, obviously Lewis and I have driven so many laps in the simulator of this,” Russel said. “WeÂ’ve seen all the drawings, weÂ’ve had so many meetings and presentations about it, but suddenly seeing it all come together, seeing all of the men and women who have put so much hard work and grit into making this, and coming together here, I think it looks incredible. “And I think the silver [coming] back, weÂ’ve had an incredible livery with the black in the past couple of years – but the silver back on track I think is going to look incredible." Ferrari F1-75 - Charles Leclerc and Carlos Sainz “I think it looks aggressive, it looks radical, and I think it looks beautiful also Â… I just hope itÂ’s fast,” said Sainz. “ItÂ’s innovative, different, thinking a bit out of the box. I like it because itÂ’s just radical, which is what you want to see when you see a new car.” “Yes, I do [like the livery],” Leclerc said. “I think it fits perfectly. ItÂ’s a bit of a dark red, looks a bit more aggressive, but for a car like this, I think it fits perfectly.

Ferrari wants to provide Red Bull with its own engines

Ferrari is proposing a different sort of arrangement that could provide Red Bull with the engines it needs to continue competing in Formula One. Rather than sell the team the same engines its own competition department uses, the Maranello outfit suggests creating a separate engineering program for Red Bull to get its own engine package. The issue of where Red Bull will get its engines has been looming over the paddock for several months. Though its current partnership with Renault yielded four straight world championships, the relationship has gone sour over the last couple of years as performance has dropped off. That has left Red Bull looking for a new engine supplier, but with Ferrari, Mercedes, and Honda all powering their own entries, none have been particularly keen to motivate Red Bull. A proposal to bring Volkswagen into the sport in partnership with the team fell apart in the wake of the diesel emissions scandal. And while the FIA may be moving ahead to bring an independent engine supplier into the series, that doesn't look likely to take shape in time for next season. Ferrari – like Mercedes and McLaren-Honda – says it won't simply hand one of its chief rivals the same engine package as it uses itself. But speaking to Motorsport.com at Ferrari's Finali Mondiali event at Mugello this weekend, Sergio Marchionne proposed a different course of action. That would involve making the building blocks of Ferrari's power unit, along with the wealth of its engineering talent, available to Red Bull for the team to plot its own engine development program in parallel to Maranello's own. The Ferrari chairman (and Fiat Chrysler chief) says he has already raised the idea with Red Bull chief Dietrich Mateschitz and his racing adviser Helmut Marko. If it does work out, we could potentially see Ferrari setting up similar programs with its other customer teams. Those currently include Sauber and Marussia, and Haas and Toro Rosso could soon join the mix as well. Adding Red Bull would mean that over half of the grid would be powered by Ferrari engines as soon as next season. Related Video: News Source: Motorsport.comImage Credit: Red Bull Motorsports Ferrari F1