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| *The Commerce Journal>>>Other Taxes |
PLEASE explain how and why the gov. can tax the guy that caught B. Bonds 756 ball. A friggin' ball?!!? |
PLEASE explain how and why the gov. can tax the guy that caught B. Bonds 756 ball. A friggin' ball?!!? i can answer the why part..they want all the money they can get their filthy hands on..as to how?..my best guess is because the government does what it wants and uses blackmail if you question it The story you read misinterprets tax law. They are claiming the value of the ball is income. The correct treatment is to consider the ball a capital asset. The tax basis, what he paid for the ball, is zero. If and when the ball is sold, he would owe capital gains tax on the sale price - the basis. Some tax "experts" will dispute what I said. Given the estimated value of the ball, I would be willing to spend a few grand arguing my case in tax court. When he sells the ball, the gain will be taxable. His cost basis would be what he paid for the tickets to the game. The profit is fully taxable, regardless of whether it's a ball, a car, or whatever. The government will tax it if and when he sells it. If you read the articles again, you'll see that it's not the IRS saying this, it's just some other unknowledgeable people who claim to know. In a similar situation a few years ago, when the same rumors were started, the IRS commissioner (top guy) finally came out with an announcement basically saying that was a crazy idea. |
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