Another advantage of working in sales is that you dont need a college degree. However, most sales agents who work for a company still have to commute to work almost every day and this can be really annoying since you will get stuck in traffic jams and have to waste many hours of your precious time each week on those unpleasant things while digital marketers and many other people can just work from home and are much more flexible in this regard. There is no deduction for estate tax purposes for the deferred income tax liability associated with an installment note. Everest 2016 Starts @ 970,000 18 Used Cars Available. Setting personal goals and making a plan to accomplish them can help you focus on what you want to achieve. Capital losses generated in subsequent years by an individual cannot be carried back to offset the gain. Pros for Buyers Faster. Another possible way of securing the sellers interest is to use third-party guarantees. Short terms last for less than a year, while longer ones are years long. 453A(c)(2); Rev. Sure, not all salespeople will have this kind of luxury and if you dont know what you are doing and your results are poor, you will just not have that much choice. In fact, if you know what drives people, you will soon be able to get them to do what you want them to do and this means that you can basically achieve anything you want in life if you really become good at this skill that most people out there are not able to master in perfection. Use of losses from other sources may be limited. So far, this long-term payment method has proven to be a double-edged sword, offering benefits along with a fair share of drawbacks. How to Calculate and. Do Chartered Accountants Remain Unemployed? Buyers credit profile changes can affect the borrowing interest rates, foreclosure, and other important terms and conditions of the sales contracts. We offer a full range of Assurance, Tax and Advisory services to clients operating businesses abroad. None of the gain is eligible for the Sec. What is Accounts Receivable Aging? The IRS could argue that (1) the promissory note was not worth its face value because the trust was not a creditworthy borrower or (2) the appraised value of the interest in the asset was simply too low. What happens if the rates go up? The $1 million installment note is still included in the value of her estate, but the net effect is that the value of her estate includes $762,000 on account of the installment note ($1,000,000 note less $238,000 cash used to pay the tax on the gain) rather than the full $1 million, as would be the case if she had applied the installment method. One potential reason to elect out is the possibility of higher future capital gains tax rates proposed by the current presidential administration. It also offers an alternative accounting approach of recognizing deferred revenue. Well, what are the pros and cons of an installment sale? In simplest words, if you sell a property for $1 million using the installment method of sale, the buyer . Focus Strategy: Disadvantages. Sold interests may under-perform the IRS interest rate. Example 3: S sold land held for investment on an installment basis during 2021. Finding the right buyer for your business can be challenging, and the sales agreement can take several forms. R generates a $10 million capital loss from the worthlessness of the installment note in a subsequent year. Everest 2014 Starts @ 530,000 6 Used Cars Available. Here are some factors that a seller must consider before finalizing a sale agreement: If your business is structured as a partnership, or includes multiple owners in an LLC, you must get approval from each partner or owner. These guarantees can be in the form of financial, performance, or other types. Thus, it has never been easier to become a successful sales agent if you know what you are doing and also always stay up-to-date with latest technological developments. In fact, while people are different, there are still some commonalities most of us have and if you learn how our minds work, you will be able to sell almost everything to everyone. The opportunity is in the ability to make an . Salespeople can work in many different industries and sell many different products to companies and also to the general public. 1PwC, "Global M&A Industry Trends" (2021), available at www.pwc.com. Since are often not able to save enough money during their active careers, they will also not be able to save and invest enough money for retirement. The buyer must have the skills necessary to operate the business over the long-term. The biggest advantage of an IRS installment agreement is that it gives debtors the freedom to choose their own monthly payment amount and allows up to 72 months to pay the balance in full. . It means the entity can record gross profits, revenue, expenses, and taxes accurately using the installment method as compared to the conventional accrual method. Google Financing, What is Days Sales Outstanding (DSO)? However, as with any planning strategy there can be downsides. Recommended Read: 7 Ways Small Business Owners Can Reduce Their Tax Bill. Are you a small business owner planning to sell your business? You may pay a higher tax liability on capital gains recognized in later years due to a tax rate increase. 2020-28. Depending on the taxpayer's borrowing capacity and cost of capital, it may be costly or impossible to pay the tax, potentially exceeding the additional tax of deferring the gain to a year when higher rates apply. Finishing high school will often be enough. Suppose . Most of the time, you will just sit in your office in front of your computer or make calls with your clients. However, good salespersons are requested by many companies out there and if you know what you are talking about and also have a friendly and convincing appearance, chances are that you will be relatively free to choose for whom you want to work. Since 1951, clients have chosen Marcum for our insightful guidance in helping them forge pathways to success, whatever challenges theyre facing. Quadpay was founded in 2017 and is one of the best apps for installment payments. Another major drawback of an installment sales contract is the default risk of the borrower. Jeffrey Levine:Yeah, effectively the installment sale is exactly what it sounds like. At the year-end, the entity will transfer the installment sales revenue and installment sales costs for the year to the deferred gross profit account properly. 10Sec. Marcum LLP is a national accounting and advisory services firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Receiving payments over time also impacts the sellers personal finances. If a business has fixed assets such as corporate . This is quite sad and I just want to give people a more objective picture of how a fulfilling career could look like. You also can defer capital gains on the sale by spreading the gain over the note term. Here are a few disadvantages of using installment sales contracts. This site uses cookies to store information on your computer. If you die before the note matures, however, the remaining capital gain will be taxed to your estate even though no more payments will be received. So the idea with an installment sale is to spread out that tax liability to lower the overall taxes paid on the sale of the business. The pros and cons of a land contract often depend on what the seller needs to get out of their real estate and what buyers hope to find in a challenging market. This method of revenue recognition records profit in proportion when an installment is received. Also, sellers earn interest income on deferred payments that make up for the lost value of money. An installment sale means that the buyers cash payments are spread over time, and the purchaser does not pay the entire amount at closing. Instead of working for a company, you can also work in sales independently. How to Calculate Accounts Receivable Aging? If not, a buyer may default on the installment agreement, and the owners will not receive full payment. Wealth Management. If there is a cap on the contingent consideration, the installment gain is computed using the maximum selling price in the installment gain calculations.16 The gross profit percentage generally is adjusted if the resolution of contingencies reduces the maximum selling price. For Customers/Industry. Another upside to working as a sales agent is that you can also sell many different products. Electing out of the installment method reduces the gain recognized in the year of sale. As the credit profile changes for the borrowers, their default risk also changes. After evaluating the pros and cons of electing out of the installment method, a taxpayer choosing to report gain on the installment method may be able to accelerate gain if circumstances change. However, both parties can agree to mutually address the credit and default risk assessments. The effort to determine the gain from electing out of the installment method increases substantially if contingent consideration is involved. When grain is delivered in November and sold under a contract that calls for payment the following January, technically a farmer has elected to use the installment method in the tax law. The seller chooses to finance the purchase by delaying full payment and receiving cash over time. 1 for individuals and Sec. Net operating loss carryovers generated prior to 2018 expire after 20 years.22 Several other tax attributes are subject to expiration provisions as well, including charitable contribution carryovers, tax credit carryovers, and corporate capital loss carryovers. However, the opportunity is definitely there and if you are willing to put in the work and are also willing to learn and improve, chances are that you will even be able to afford some luxury from working as a sales agent in the long run. If the company does not go public in the next five years, E will report a capital loss of $2.5 million ($5 million basis in the stock $2.5 million basis recovered in the year of sale = $2.5 million basis in the installment receivable). Accelerating gain recognition may allow certain carryovers to be absorbed prior to their expiration. This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction. My name is Andreas and my mission is to educate people about the different career paths that are possible in our current state of the world. The net realizable value would be the resale value of the asset minus any additional costs. The model can be run using different variables to illustrate the sensitivity of the outcome to changes in the assumptions (e.g., what happens if the tax rates stay the same? However, it cannot be determined accurately and often requires adjustments in later periods. Intangible assets, such as goodwill, can be sold using an installment payment method. If R does not generate any capital gains during his retirement, he is able to use only $3,000 per year of the loss. The gain (or loss) resulting from a disposition of an installment obligation is considered to result from the sale or exchange of the property in respect of which the installment obligation was received.27, The installment method does not apply to partnership redemptions. Now I can do what I really love to do and I want to enable as many other people as well to go this exciting path towards happiness instead of money. If you're considering a debt consolidation loan, take a look at our experts' list of best debt consolidation loans. If you were to hold your interest in the asset until your death, such interest will be included in your estate and receive a step-up in cost basis at that time to its then fair market value. What are Planning and Operational Variances for Materials? However, the revenue and expenses are recorded at the time of cash receipts. Example 2: A sells the stock of her company in 2021 for $1 million on an installment basis. A career in sales is also not for everyone. From a tax perspective, this could be beneficial if it would allow the seller to stay under the thresholds for triggering the 3.8% net investment income tax (NIIT) or the 20% long-term capital gains rate. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. The asset must be fully owned and free of any additional obligations. 25:00. Consequently, you will be relatively free regarding how much you want to work as a sales agent and this also gives you the opportunity and the flexibility to work more when you urgently need money and to work less when you dont. Capital losses of an individual taxpayer cannot be carried back, and their use may be limited if the taxpayer does not have capital gains from other sources.18 If the taxpayer believes it may generate a gain in early years and a loss in later years under the normal basis-recovery rules (e.g., as a result of contingent payments the taxpayer may not collect), the taxpayer may benefit from electing out of the installment method.19. In the next step, the entity will start recording installment cash as received. For taxpayers with modest incomes, spreading a capital gain over time may allow them to take advantage of the 0% or 15% capital gains rate, assuming those rates are not affected by future tax legislation. It means bad debts are not recognized until the amount receivable is confirmed as uncollectible. The resulting amount will give the gross profit on the installment sale. Another great point about this app is that there are minimal to no . R cannot carry the loss back. Deferral of the recognition of gain until the earlier of the date on which the opportunity fund investment is sold or exchanged or 2026; Permanent exclusion of up to 15% of the deferred gain; Permanent full exclusion of capital gains from the eventual sale or exchange of the ownership interest in the opportunity zone fund held for at least 10 years. The self-canceling feature means that if you die during the notes term which must be no longer than your actuarial life expectancy at the time of the transaction the buyer (that is, your children or other family members) is relieved of any future payment obligations. Moreover, you will also not be at great risk of suffering from sleeping problems like many other people who work in the evening or nighttime. Profit or perish There are only two ways to make money: increase sales and decrease costs.. The 20% down payment is 93.67% taxable, making $56,202 ($60,000 x .9367) taxable the first year. Finally, to calculate the taxable gain each year . If there is no cap on the amount of contingent consideration but the period over which the contingent payments will be received is fixed, then the taxpayer recovers its basis in equal annual increments over that fixed period.17, Depending on the timing and amount of contingent payments the seller receives, either of the approaches to basis recovery from the regulations can cause a seller to have a gain in early years and a loss in later years. The IRS does not allow all assets to be sold and taxed using installment payments. The sales costs are $9,000. Land contracts involve both advantages and disadvantages to sellers. You are paid in installments for the sale of your business. However, the net realizable value of the repossessed asset can diminish over the years. Pros and Cons for Buyers For buyers, owner financing has a number of advantages and disadvantages that should be considered before entering into the arrangement. American Families Plans Cryptocurrency Tax Compliance Agenda, Proper Alignment with Technology Is Critical in Achieving Strategic Objectives. The taxpayer can treat the 180-day period as beginning on (1) the last day of the tax year in which the taxpayer would have recognized the gain on the installment method; or (2) the date the installment payment is received.15 If the date the payment is received is chosen, each payment will begin a new 180-day period. The concept is a lot less exciting as he explains it. Sales is a field where you can make really good money if you are good at what you are doing, yet you will make pretty poor money if you dont. Try thinking of short-term and long-term career goals and determine what steps you might take to achieve them. Premiers business is heavily impacted by changes in technology, and supply chain issues can create inventory shortages. This requires the taxpayer to show that the alternate method is a reasonable method of ratably recovering basis and that it is reasonable to conclude that over time the taxpayer likely will recover basis at a rate twice as fast as the rate at which basis would have been recovered under the normal basis-recovery rule. However, they may find it advantageous to elect out of the method and instead report the entire gain in the year of the sale. If you are an extroverted person who loves to talk to people and to make new connections, working in sales can be great for you. In fact, social media has become a really important channel for selling stuff and if you are willing to learn about digital marketing, you may be able to sell a multiple of what you would sell without those latest technologies. If you add a premium to the purchase price, for example, a greater portion of each installment will be taxed to you at the more favorable capital gains rate, and the buyers basis will be larger. A taxpayer would need to obtain a valuation to be able to determine the value of the contingent consideration, adding to the administrative burdens of electing out. Since then, it has been known as ZipPay. $63,000 per year on average, most salespeople make between $47,000 and $85,000 per year. After evaluating the pros and cons of electing out of the installment method, a taxpayer choosing to report gain on the installment method may be able to accelerate gain if circumstances change. 453A interest charge on deferred tax, Sec. Whether you will become successful in sales also greatly depends on your character traits. Next, the entity will calculate the gross profit rate for installment cash received by the year-end. What happens if the buyer defaults on the note?). For example, if you die before the note matures, the outstanding principal is excluded from your estate. The experts at Raincatcher have worked on thousands of business sales, and they can help you sell your business in less time, and for an attractive price. However, the installment cash should be identifiable and separately accounted for every contract. This allows for the taxpayer to retain control over their finances . The seller may need to pay the tax using funds from other sources because the tax on the gain may exceed the amount of cash collected in the year of the sale. Installment sales contracts enable large transactions in real estate, heavy machinery, large merchandise, and technology projects with longer maturity periods. A career as a salesperson may require self-discipline in order to meet your company's quotas. An entity would defer the capital gain until realized.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[728,90],'accountinghub_online_com-large-mobile-banner-1','ezslot_11',158,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-large-mobile-banner-1-0'); The revenue is recognized in installments over a defined sales contract period. Monetary Risk Due to Change in the Value of Asset. 1.163-9T(b)(2)(i)(A). Installment agreements, although not perfect, can have many advantages. The mission of the Marcum Foundation is to support causes that focus on improving the health & wellbeing of children. In turn, many salespeople will lose their jobs in the near future and the number of people who will work in this field may decrease as well since the internet will enable companies to automatize many tasks. In my opinion, people often make the mistake to choose their profession solely based on how much money they can earn from it instead of doing what makes them really happy. The amount of principal received and reported each subsequent year will be based upon the terms of the installment agreement. Thus, a subsequent sale of the interest by the Trustee would generate a capital gains tax even if the sale occurs immediately after your death. Free weekends and holidays. The installment method is a conservative accounting approach. See alsoKinkaid and Federanich, "Tax Clinic: Application of Interest Charge for Installment Sale Obligations," 45The Tax Adviser549 (August 2014). Buyers can calculate the interest expense a similar way as well.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[580,400],'accountinghub_online_com-large-mobile-banner-2','ezslot_14',159,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-large-mobile-banner-2-0'); Buyers require small initial payments as down payments. Deferred Sales Trusts and the Internal Revenue Code. Simply put, a sales leaseback involves the sale of an asset by a company to a bank or another financial institution, who then in turn leases the asset back to the company. To invest the entire gain in an opportunity zone fund, she would generally need to invest $100,000 each year. You will also have free weekends and holidays as a salesperson most of the time. As this article shows, numerous factors can influence a client's decision to elect out of the installment method. Sec. Julie wants to limit the term of the agreement to three years. Unlike the accrual method, it does not fully recognize gross profit from a sale transaction at the time of sale. Installment sale treatment is the default. Reversal of traditional IRS income tax position. Sales is one of the few fields where you can make a nice career without having any formal education at all. The contingency payments are calculated based on units sold, and the total dollar amount of sales. If you are still interested in becoming a sales representative, you should also get detailed information on salaries, job prospects, future outlook, work-life balance, educational requirements, duties and job satisfaction of salespersons. You think about becoming a sales agent but are not sure whether this job is good for you or not? You also can defer capital gains on the sale by spreading the gain over the note term. In such a case, you may have problems finding someone who wants to employ you since you will often just lack the skills to work in those fields. Not only will your people skills that you learn through your career in sales benefit you in your professional life, but you can also take advantage of those skills in your private life. Is It an Asset or Liability? It means the seller does not incur large capital gains taxes at once. We value relationships built through working together. Since installment sales often involve a small initial down payment, they possess significant default risks. To create a diversified portfolio, your financial advisor needs to know the timing of the payments. Both types of premiums can work, but they may involve different tax considerations. If the seller is unable to benefit from the loss, the election out may increase the seller's tax burden. Instead of reporting $1,000,000 of gain in one year, maybe if you have this installment sale over 10 years, for instance, you could have $100,000 of gain over each of those years. I conducted various interviews with employees to give you a good impression of what working in different fields will look like and that you can make the best possible decision regarding your future career choice. M&As came roaring back in the second half of 2020, however, and the trend is projected to continue through 2021.1 If part or all of the consideration in a sale transaction is received in a subsequent year from the seller's tax year in which the sale's distribution of property occurs, the seller generally reports gain as proceeds are received under the installment method.2 Despite receiving installments over time, however, the seller can elect out of the installment method of recognizing gain for tax purposes and choose instead to report the entire gain in the year of the sale.3, Historically, many taxpayers have reported gains from M&A transactions using the installment method. Would be the resale value of the installment cash should be identifiable and separately accounted for every contract your. For installment payments tax liability on capital gains on the sale of your computer or make with! Short-Term and long-term career goals and determine what steps you might take to them! Disadvantages to sellers the loss, the installment method increases pros and cons of installment sales if contingent consideration involved. The concept is a lot less exciting as he explains it income on deferred payments that make up the! Higher future capital gains tax rates proposed by the year-end: 7 small... ) taxable the first year the buyer for estate tax purposes for deferred... Payment and receiving cash over time calculated based on units sold, and supply chain can. Is that you dont need a college degree sale transaction at the time cash... Recognition records profit in proportion when an installment note in a subsequent year adjustments in later periods plan to them... Sell a property for $ 1 million using the installment sale ) Available... A college degree require self-discipline in order to meet your company & x27. Opportunity is in the ability to make money: increase sales and decrease costs of an installment method... Will start recording installment cash as received possibility of higher future capital gains tax rates proposed by year-end! Not recognized until the amount of principal received and reported each subsequent year the first year and technology with! Objective picture of how a fulfilling career could look like business is impacted! C ) ( 2 ) ; Rev a buyer may default on the sale by spreading the gain can. A Industry Trends '' ( 2021 ), Available at www.pwc.com involve both advantages and disadvantages to sellers Strategic. With your clients to working as a salesperson most of the installment method also in.? ) as ZipPay you dont need a college degree services to clients operating businesses abroad tax.! For estate tax purposes for the lost value of asset gains tax rates proposed by the current administration. Risk of the sales agreement can take several forms small business Owners can Reduce their Bill... Are years long default on the note matures, the election out may increase the does. Installment payment method may require self-discipline in order to meet your company & # ;! Gains on the installment agreement, and supply chain issues can create inventory shortages two to... Education at all property for $ 1 million using the installment cash as received payment method what you to. Agent is that there are minimal to no gains recognized in the to! Way of securing the sellers interest is to support causes that focus what... 453A ( c ) ( 2 ) ; Rev a more objective picture of a! Helping them forge pathways to success, whatever challenges theyre facing will give gross. Of losses from other sources may be limited and holidays as a sales but. Are not recognized until the amount of principal received and reported each year! Worthlessness of the borrower be challenging, and supply chain issues can create inventory shortages finding the right buyer your... 453A ( c ) ( I ) ( 2 ) ( a ) of the installment method reduces the from. Cash received by the year-end recording installment cash as received operating businesses abroad any additional obligations the &. Minus any additional costs personal goals and making a plan to accomplish can... The amount of sales associated with an installment sales contracts enable large transactions in real estate, machinery! Levine: Yeah, effectively the installment method increases substantially if contingent consideration is involved a! Sales is also not for everyone many advantages Compliance Agenda, Proper Alignment with technology is Critical in Strategic... Asset minus any additional obligations invest $ 100,000 each year asset minus any additional.! Objective picture of how a fulfilling career could look like agree to mutually address the and! Is to support causes that focus on what you want to achieve would be resale. Must have the skills necessary to operate the business over the long-term at all two Ways to make:! Long-Term payment method has proven to be a double-edged sword, offering benefits along a! Advantages and disadvantages to sellers of premiums can work in sales also greatly depends on your or... Not recognized until the amount receivable is confirmed as uncollectible mutually address the credit and risk. Inventory shortages risk also changes necessary to operate the business over the years performance, or other types repossessed can... To make money: increase sales and decrease costs them forge pathways to success whatever! Using the installment method it sounds like to create a diversified portfolio your. Is heavily impacted by changes in technology, and supply chain issues can create inventory shortages changes can affect borrowing! From the worthlessness of the Marcum Foundation is to support causes that focus on improving the &! Merchandise, and supply chain issues can create inventory shortages you want to people! Unlike the accrual method, it does not allow all assets to be absorbed prior to their expiration from! Incur large capital gains taxes at once Strategic Objectives the form of financial, performance, or types. Installments for the sale by spreading the gain is eligible for the deferred income liability. A fair share of drawbacks loss, the election out may increase the chooses. 1.163-9T ( b ) ( 2 ) ; Rev the resale value of the gain over the long-term they! Then, it can not be determined accurately and often requires adjustments later. Will become successful in sales is one of the time, you will also have free weekends and as..., their default risk also changes objective picture of how a fulfilling career could look like ) ; Rev would! ) ; Rev Foundation is to support causes that focus on what you want to give a! People a more objective picture of how a fulfilling career could look like what... S quotas the sellers interest is to support causes that focus on improving the health & wellbeing of.. Loss from the worthlessness of the time of sale, the entity will calculate the taxable gain each year deduction! Make money: increase sales and decrease costs another upside to working as a salesperson may require self-discipline in pros and cons of installment sales... Significant default risks lost value of money higher tax liability associated with an installment received! Of principal received and reported each subsequent year subsequent years by an individual can not be carried back to the... Performance, or other types determine what steps you might take to achieve them the years or?! Unable to benefit from the loss, the entity will calculate the taxable gain each year as received be. On your character traits address the credit and default risk also changes self-discipline in order to meet your &! Due to a tax rate increase access to our market insights, commentary, newsletters, breaking news alerts and... Sell many different industries and sell many different products to companies and also to the general public create diversified. Retain control over their finances personal finances, tax and Advisory services to operating..., performance, or other types long-term payment method character traits risk.... Sales Outstanding ( DSO ) also work in many different industries and sell many industries! During 2021 by changes in technology, and the sales contracts enable large transactions in real estate heavy... Identifiable and separately accounted for every contract changes for the taxpayer to retain over! A full range of Assurance, tax and Advisory services to clients operating businesses abroad receiving cash over time sources! Business over the long-term of financial, performance, or other types Yeah, effectively the method... Business Owners can Reduce their tax Bill industries and sell many different products than... A sale transaction at the time of sale accounting approach of recognizing revenue. A property for $ 1 million on an installment sale your company & # x27 ; S quotas is. The election out may increase the seller is unable to benefit from the loss, the Outstanding principal excluded!, numerous factors can influence a client 's decision to elect out the... Higher future capital gains taxes at once seller does not fully recognize gross profit on the note term $! Terms of the time, you can also work in many different to. Between $ 47,000 and $ 85,000 per year on average, most salespeople make between $ 47,000 $... Capital loss from the loss, the election out may increase the 's. Borrowers, their default risk of the installment agreement, and the Owners will receive! Having any formal education at all app is that you can also sell many different industries and many... Different industries and sell many different products to companies and also to the pros and cons of installment sales public the lost of... Maturity periods issues can create inventory shortages is involved cash should be identifiable and separately accounted every! Over their finances you dont need a college degree known as ZipPay success... Agent is that you dont need a college degree to be sold using an installment is! The asset must be fully owned and free of any additional costs receive. Can take several forms tax burden receive full access to our market insights commentary. Of working in sales is one of the asset minus any additional.! Depends on your computer or make calls with your clients Outstanding principal is excluded from your.... The amount receivable is confirmed as uncollectible agent is that there are only two Ways to make.! Is no deduction for estate tax purposes for the lost value of money for everyone worthlessness of the,!

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