Deimos brought this up in the 756 thread as I had just read a similiar article. Should the IRS be able to collect taxes from the kid who caught #756?

 

http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns

 

Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said.

I never knew something like this, could exist.

I saw the article last night and just started laughing. How greedy can you get, how about you let the kid sell the ball THEN decide whatever taxes he needs to pay.

 

To tax him everyday he has the ball regardless is just ridiculous.

 

So I voted no, I guess my answer is both. :lol:

Of course.

I voted no, but once he sells the ball he should have to pay the proper taxes.

He should pay taxes (if we have to pay taxes)...If you were to win or inherit a car, etcetera..you have to pay the taxes on it...this ball now has value, it is a luxory item. I am sure he is not complaining about the taxes, in that he could always give the ball to someone else

Total bull crap this is another way of taking something for nothing from the working man.

Total bull crap this is another way of taking something for nothing from the working man.

 

Catching the ball is like winning the lottery. You would tax those people, wouldn't you?

Catching the ball is like winning the lottery. You would tax those people, wouldn't you?

 

One slight difference: I get cash when I win the lottery. Its not subjective. Catching the ball in and of itself puts no cash in my pocket.

I voted no, but once he sells the ball he should have to pay the proper taxes.

I concur

One slight difference: I get cash when I win the lottery. Its not subjective. Catching the ball in and of itself puts no cash in my pocket.

Can they tax you for holding the winning ticket but not cashing it in???

Can they tax you for holding the winning ticket but not cashing it in???

 

Obviously a rhetorical question but ....

 

That's considered gambling. This is not. RP gave a very good example of how this already occurs in everyday life regarding value received in an inheritance. If I never sell Grandma's wedding ring, I still owe taxes if I inherit it.

 

The obvious counter argument is that it should be treated as a capital gain although the cap gain was not put into place for random acts such as this.

 

Not popular but there is precedent.

He should pay taxes (if we have to pay taxes)...If you were to win or inherit a car, etcetera..you have to pay the taxes on it...this ball now has value, it is a luxory item. I am sure he is not complaining about the taxes, in that he could always give the ball to someone else

I read where he stated he was only going to keep 51% of the money he received. The rest he is giving to a friend.

I read where he stated he was only going to keep 51% of the money he received. The rest he is giving to a friend.

 

 

Beautiful gesture.

 

He's still 100% responsible for the taxes.

Just a thought to add to this. With every homer that Barry hits, does the value of the ball decrease?