Bonds HR ball owner to be hit with over 200 grand in taxes

[AsHopeDies]

Story Here (http://sports.yahoo.com/mlb/news;_ylt=AhSAO.sbB4pLJP9j9aGc8YURvLYF?slug=ap-bonds-ball&prov=ap&type=lgns)

To me, this is horse shit. The "value" of the ball is like 5 bucks, to charge him over 200,000 in taxes based on someone's estimate of the ball, even if he chooses to keep it, is retarded. I get charging him if he sells it, that makes sense. But to charge him 200 grand for keeping the ball is insane.

If they do that, they gotta start charging everyone who catches a foul ball like 2 bucks.

[YankeesSuck]

I still dont get why that ball isnt worth more. Is it because he may have used roids?

[poopchow]

I still dont get why that ball isnt worth more. Is it because he may have used roids?

yea, because many people think the record is tainted so the value goes down.

but that 200k tax is absolute bullshit, just another way the gov wants to take people's fucking money.

complete bullshit

[Caribbean Blue]

I'm gonna lop


his



dick off



....like a chicken head.

[Slid3r]

Also feeling pangs of regret must be the San Francisco cab driver who drove Murphy and Kamal from the airport to their hotel. Hoping to get out of the $55 fare, they told the driver that if they caught Bonds' record home run ball, they'd give him a couple thousand dollars.


lulz

[gatorpatric0]

He needs to get a good lawyer...thats absolute bullshit that he should have to pay taxes on a souvenir, if he doesnt sell it.

[jagger04]

...and thats why our government is total shit.

[pacaveli]

yeah i'd lawyer up and fight that tooth and fucking nail, if they can do that then they can say anything is worth any amount and tax for it...

[snyderman]

I bet the Bush whores just wanna go on a bender in TJ with the money. Lucky slags.

[chengy]

The ball isn't worth that much in my opinion because while it does beat Aaron's record the ball that will have the most value will be the last home run Bonds hits.

[AsHopeDies]

where's todd macfarlane when you need him?

[beardo]

he should sell it on ebay to rub it in their faces

[Icedog187]

Story Here (http://sports.yahoo.com/mlb/news;_ylt=AhSAO.sbB4pLJP9j9aGc8YURvLYF?slug=ap-bonds-ball&prov=ap&type=lgns)

To me, this is horse shit. The "value" of the ball is like 5 bucks, to charge him over 200,000 in taxes based on someone's estimate of the ball, even if he chooses to keep it, is retarded. I get charging him if he sells it, that makes sense. But to charge him 200 grand for keeping the ball is insane.

If they do that, they gotta start charging everyone who catches a foul ball like 2 bucks.

If Bonds would of hit it in Toronto it would of been a TAX FREE ball. :)

[Icky Thump]

seriously this is all just bullshit he shouldnt get taxed if he isnt selling it who are they to say how much its worth?

[chengy]

Yeah especially since they are saying it's worth 600k now when it was 400-500K in previous reports. Fucking government = gay.

[Keenan]

This makes no sense whatsoever. He's not gaining anything by keeping it as a souvenir. No income means no tax. I don't see how they could get away with this.

[cmacdon]

Can't he just say he lost it or something? Maybe hide it?

Fuck the government. I wouldn't give them a penny for it.

[LetsGoSharks]

everyone quit whining about the government, GTFO if you think you can do better elsewhere. You aren't even paying taxes in the higher bracket anyways and probably still live at home.

They aren't explaining the taxation properly.

There's Capital Gain, potential gain, lawyers, and a whole mess of shit that goes down.

The reason they THINK that he will be taxed on the ball is often called the "treasure" tax, like if you find $1,000,000 gold in your backyard. Most often there is money paid, but usually there is a way out of this. There is a size restriction, but you can often claim it was a "gift".

Most likely, nothing will happen unless the ball is sold. Shit, I've got tons of old cards and a shitload of old comics (like 10 of the original TMNT comics) and a shitload of stuff I inherited, and I can tell you that I'm not paying any tax on collections or capital gain of my property. Only when I sell it will I be subject to taxation. THese things are not a part of gross income, or considered assets.

Also, there is a problem of liquidity. The fan would most likely have to sell the ball to afford the tax. This is one reason why homeowners are not taxed when the value of their homes increase each year. I could be wrong on this though, like when the ABC makeover show gave a house to a homeless family, who had to immediately sell it.

Bottom line is, you don't get anything for free. Windfall tax, Inheritance tax... this will all be fought over I'm sure. Because that's what that ball is... a windfall.

Any tax experts here (right)... this shit gets confusing.


edit: I found this



1. The fan has an income (windfall under section 61) at the moment she catches the ball and takes the ownership of it, and not when she sells it.

2. The amount of income mentioned in Item 1 above is the fair market value of the ball at the time. (The fan may need to get an appraisal. For the tax treatment of the appraisal costs, see Item 5 below.)

3. The income from catching the ball is ordinary income. It is not a self-employment income, however, because the ball as a windfall does not constitute renumeration in exchange for personal services.

4. The profit upon sale of the ball is indeed a capital gain, and taxable at a lower rate if the fan satisfies the holding period. The ball should probably be treated as a collectible, however. Any long-term gain therefor should be taxable at 28 percent and not at 15 percent (or 20 percent if the sale occurs after 2008).

5. Once the fan includes the income mentioned in Items 1 and 2 above, her basis is the amount that she included in her gross income in the year of catching the ball. In addition, she may increase her basis further with any appraisal costs paid or incurred and any costs paid to sell the ball (e.g., broker fees or commissions).
Comment by Tax Attorney - July 25, 2007 at 1:23 pm



makes sense to me. Something worth $500,000 falls in your lap, you can either claim it or sell it. I say sell the fucking thing and make a lot of money. Only in America, right people? Right?

[IHateEverything]

I bet the Bush whores just wanna go on a bender in TJ with the money. Lucky slags.

LOL you idiot. Say what you want about Bush, but he has done nothing but lower taxes since coming into office. He wants to lower the capital gains tax, but idiotic democrats won't vote for that. They love high taxes.

[AsHopeDies]

makes sense to me. Something worth $500,000 falls in your lap, you can either claim it or sell it. I say sell the fucking thing and make a lot of money. Only in America, right people? Right?

The short answer, is no. It doesn't make sense. I think the value of the ball is only imposed onto it the second you sell it. Until he sells the ball, the value is like 5 bucks. The ball itself isn't worth a lot, it's just like any other baseball. Say a homeless guys saves up for a month of begging and catches the homerun ball. He's gotta pay 200 grand or sell? That's bullshit.

[SH4WN, F7W!!]

there was a lengthy segment on the radio about that on clark howard. catching that ball is equal to winning the lottery according to the government. techincally, the ball is income. its increasing your net worth, so it can be taxed. but the 200k is b-u-l-l-s-h-i-t. their taxing the ability to sell it, rather than the ball. whoever suggested taxing $2 was right. does anyone know the income tax rate? i'll calculate how much the ball should be taxed as just a ball, not "#756".