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Finance & Stock Groups Forum Index » Financial Planning » Tax on Bond's record homerun ball.
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| PeterL |
 Posted: Thu Aug 23, 2007 3:06 am |
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Just read that the guy who got it is selling the ball. According to
the news article:
"The 21-year-old New York man said Tuesday he had no choice but to
sell the ball - several people told him he would be taxed on the
souvenir just for holding on to it."
Is this true? What would be the basis of the tax? |
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| joetaxpayer |
| Posted: Thu Aug 23, 2007 3:22 am |
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PeterL wrote:
Quote: Just read that the guy who got it is selling the ball. According to
the news article:
"The 21-year-old New York man said Tuesday he had no choice but to
sell the ball - several people told him he would be taxed on the
souvenir just for holding on to it."
Is this true? What would be the basis of the tax?
I recommend you see misc.taxes.moderated for a discussion that's been
ongoing. FWIW, the IRS hasn't commented that I can find.
JOE |
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| Bucky |
| Posted: Thu Aug 23, 2007 4:46 am |
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| PeterL |
| Posted: Thu Aug 23, 2007 12:38 pm |
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On Aug 22, 4:22 pm, joetaxpayer <joetaxpa...@nospam.com> wrote:
Quote: PeterL wrote:
Just read that the guy who got it is selling the ball. According to
the news article:
"The 21-year-old New York man said Tuesday he had no choice but to
sell the ball - several people told him he would be taxed on the
souvenir just for holding on to it."
Is this true? What would be the basis of the tax?
I recommend you see misc.taxes.moderated for a discussion that's been
ongoing. FWIW, the IRS hasn't commented that I can find.
JOE
Let's go to precedent then. What happened the last time someone
caught a valuable home run ball? Did the IRS tax him on possession,
or after sale? |
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| kastnna |
| Posted: Fri Aug 24, 2007 1:29 am |
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On Aug 23, 4:00 am, PeterL <po.n...@gmail.com> wrote:
Quote:
I recommend you see misc.taxes.moderated for a discussion that's been
ongoing. FWIW, the IRS hasn't commented that I can find.
JOE
Let's go to precedent then. What happened the last time someone
caught a valuable home run ball? Did the IRS tax him on possession,
or after sale?
The actions of the IRS and the code of the IRS can be two separate
things. It appears that the last time this was an issue (Maguire) they
chose not to enforce their intereretation of "the code".
Like JOE said, misc.taxes.moderated is rounding the corner on 100
posts on this topic. |
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| Default User |
| Posted: Fri Aug 24, 2007 3:01 am |
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Guest
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kastnna wrote:
Quote: On Aug 23, 4:00 am, PeterL <po.n...@gmail.com> wrote:
I recommend you see misc.taxes.moderated for a discussion that's
been ongoing. FWIW, the IRS hasn't commented that I can find.
JOE
Let's go to precedent then. What happened the last time someone
caught a valuable home run ball? Did the IRS tax him on possession,
or after sale?
The actions of the IRS and the code of the IRS can be two separate
things. It appears that the last time this was an issue (Maguire) they
chose not to enforce their intereretation of "the code".
McGwire's potential 62nd home run was the one mentioned in the article.
Indeed, that individual did give the ball to McGwire. There have been
valuable balls since then, such as McGwire's 70th, Bonds's 71st,
Bonds's 700th (lifetime). However, those were all sold at auction, so
there wasn't any concern about unrealized value. At least one article
about the recent ball indicated that the kid who caught it sold it due
to fear of being taxed.
<http://abclocal.go.com/ktrk/story?section=sports&id=5593544>
Brian
--
If televison's a babysitter, the Internet is a drunk librarian who
won't shut up.
-- Dorothy Gambrell (http://catandgirl.com) |
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