Paul L. Caron
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Monday, September 22, 2008

College Students Who Bragged on MySpace About Serving 1 Billion Customers in Keg Business Get $300k Tax Bill

From the Sunday Oklahoman:  MySpace Bragging Brings $320,000 Tax Bill to Former, Current UCO Students, by Randy Ellis:

A youthful attempt to party their way to popularity and some exaggerated MySpace boasting have turned into a $320,000 tax nightmare for five current and former University of Central Oklahoma students.

“This is crazy,” said Julius Baroi, co-founder of Kegheadz, a loosely organized Edmond-based party business. “The Tax Commission claims we owe more than $300,000. ...  Although the Tax Commission wants to tax Kegheadz like a million-dollar business, Kegheadz was really just a group of college guys who got together to throw parties, said Baroi, 29, and co-founder Jordan Glover, 23. Overall, Baroi estimates Kegheadz only netted about $1,700.

Tax officials got the wrong idea because of embellishments on the Kegheadz MySpace Web site that boasted things like “Over a billion served,” “Biggest party in the state,” and “Biggest party in the country,” Glover said. But that was just “exaggerated hype” designed to create a buzz and attract people to the parties, Glover said. The group threw 22 parties in Edmond and Oklahoma City in 2006 and the first half of 2007, Baroi said. The goal was to meet college women and hopefully make enough money to pay their personal bar tabs, Glover said.

See also AP, Don't Mess With Taxes, UPI.

https://taxprof.typepad.com/taxprof_blog/2008/09/college-student.html

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