Ummm.. How can the IRS do this?

[PoppinFresh]

Exactly how in the hell will the IRS attach value to the ball if it were never sold. What if the ball were to be destroyed? Does he still have to pay taxes on it? I don't get that shit. If that's the case, the IRS could attach a taxable value to any damn thing they please.

What if I get a basketball signed by an entire team? I paid a tax to buy the ball in the first place. Do I have to pay another tax when the ball increases in value after the signatures? How is all of this calculated if it hasn't even been sold yet?

What the F*CK is wrong with this picture? Where's the law on this? I feel sorry for the guy! He should sell it to his friend for $1 and get it back for $5. I suppose that would define a taxable value which is more legitimate than some uptight clown in a bow tie claiming some sort of exorbitant worth.

http://sports.yahoo.com/mlb/news?slug=ap-bondsball082207&prov=yhoo&type=lgns

Bonds' 756th ball going to auction
By Janie McCauley, Associated Press Writer
August 22, 2007

SAN FRANCISCO -- No. 756 is going to auction. Barry Bonds' record-breaking home run ball will be sold online, and fortunate fan Matt Murphy figures to be a half-million dollars richer.

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.

"It wasn't hard. It was simple math. I'm upset by the decision I had to make," Murphy said. "I wanted to keep it. I'm young. I don't have the bank account. ... It would have cost me a lot more to keep it."

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Bonds broke Hank Aaron's record of 755 with a shot into the right-field seats on Aug. 7 against the Washington Nationals.

Sotheby's/SCP Auctions will handle the sale at http://www.scpauctions.com beginning Aug. 28 and going through Sept. 15. The starting bid has not been determined, and auction officials estimated the ball would bring at least $500,000.

"This is the most historic baseball ever to be sold," said David Kohler, president of SCP Auctions.

The ball from Bonds' 755th home run hit Aug. 4 in San Diego also will be for sale on the site. The same company sold the balls from Bonds' 700th homer and No. 715 that passed Babe Ruth for second place last season.

Everyone involved hopes the buyer of the historic balls is willing to at least share them for a period of time — if not donate them altogether — with the Hall of Fame in Cooperstown, N.Y.

"I really hope the person who does buy it is in position to loan it," Murphy said, a security guard close by him during a news conference at a restaurant near the ballpark. "Two weeks ago, history was made. I was lucky enough to be in the house."

Murphy plans to share at least some of the proceeds with a friend who attended the Giants game with him. They were in town for a brief stopover on a trip to Australia when Murphy wound up with the lucky prize.

Murphy left the ball in safekeeping with a bank in San Francisco during his more than weeklong trip to Australia. He returned to the Bay Area on Sunday to make arrangements for the ball.

Bonds has said he believes his home run balls belong to the fans.

"I haven't spoken with Barry," said Murphy, who is considering attending business school in New York City. "I would like to meet him."

The City of San Francisco will honor Bonds in a public ceremony Friday.

 

[teddybud]

crazy man..

 

[thcbound]

The line of reasoning is that when the guy caught that ball, it was considered income that is taxable based on a "reasonable" estimate of its worth. It would be like if some rich friend of yours decided to give you a Ferrari, you would still have to pay taxes based on the value of the Ferrari even if it was given to you as a gift. I don't agree with it but its how the government pays for things like the Iraq War and $15k toilet seats.

 

[Kailua Kid]

Aah, the land of the free, where you're free to donate half of everything you earn to a pack of criminals that use your money to wage war against you.

 

[PoppinFresh]

The line of reasoning is that when the guy caught that ball, it was considered income that is taxable based on a "reasonable" estimate of its worth. It would be like if some rich friend of yours decided to give you a Ferrari, you would still have to pay taxes based on the value of the Ferrari even if it was given to you as a gift. I don't agree with it but its how the government pays for things like the Iraq War and $15k toilet seats.

in regards to the ferrari example, i am so against that type of taxing because one item, theoretically, could drain the funds of every citizen as long as they possessed it at some point in time.

but, to arbitrarily attach a value to something isn't right nor fair. i think that's completely different. we're not talking about the manufacturer setting a price on a particular product. we're talking about the IRS forcing a price on something that's basically priceless - that is, without a price.

what would keep them from force-pricing/taxing anything with added value? a good example would be the making of a glass bong. the raw glass could be the baseball. the added value could be the artist actually creating the bong. then, someone receiving it as a gift is like the guy catching it. how much tax do you pay on such an item? what are the laws on that?

i've never heard of such a thing.

 

[Guest]

Thats why if I would have caught the ****ing thing I wouldn't of been in the seat i purchased. 2nd I would have hiked my ass out of their and prayed no one would recognize me. 3rd it woulda stayed in my vault. America should just refuse to pay taxes. I think that'll represent our dislike of the war. I don't give a shit about someone's views on such a thing such as Bush. He was wrong and lying when we went to war, what makes it so different when he tries to explain why we need to stay the course. I feel like I should have to do something but most Americans dont have the balls or determination to stand their ground because of losing everything; when we really don't have anything of value. This house is nice and it keeps me dry but so would a shack keep me dry and warm. We're spoiled rotten and something very terrible will have to occur for us to change. I am not speaking of another 9/11, there are much things worst then death. Death will set you free.


In regards to paying taxes on a gift... Thats why my family as far back as records go has been selling land to their children for $1 and no more. That way the government can only take .25 cents instead of $25,000 considering if it was worth $100,000.

 

[Pops]

Actually, the guy who caught the ball could keep it and not pay taxes until he sold it. The ball has no monetary value until sold. If you have a painting that increases in value every year, you don't pay taxes every year on it, but just when you sell it. If someone gives you a large gift, part of it can be non-taxable as there is an annual limit on tax-free gifts.

You can give $12,000 away to as many family and friends as you want each year and it is tax-free.

If you would like to test this, I will send you my bank info and you can wire the money to me immediately.

 

[PoppinFresh]

Actually, the guy who caught the ball could keep it and not pay taxes until he sold it. The ball has no monetary value until sold. If you have a painting that increases in value every year, you don't pay taxes every year on it, but just when you sell it. If someone gives you a large gift, part of it can be non-taxable as there is an annual limit on tax-free gifts.

You can give $12,000 away to as many family and friends as you want each year and it is tax-free.

If you would like to test this, I will send you my bank info and you can wire the money to me immediately.

yeah and that's how i remember tax policy. this is why i want to know who in the hell is telling this guy he has to sell his baseball or he has to pay taxes on it - undefined taxes at that. were past "milestone receivers" (i guess) forced into such actions?

 

[Guest]

Same way we do our criminal acts, except one is right, the other wrong.

 

[Dr Dog]

Actually, the guy who caught the ball could keep it and not pay taxes until he sold it. The ball has no monetary value until sold. If you have a painting that increases in value every year, you don't pay taxes every year on it, but just when you sell it. If someone gives you a large gift, part of it can be non-taxable as there is an annual limit on tax-free gifts.

You can give $12,000 away to as many family and friends as you want each year and it is tax-free.

If you would like to test this, I will send you my bank info and you can wire the money to me immediately.

From what I understood while watching the whole thing go down, and the commentary on the radio the next day, is that he will be paying a tax on it regardless of if he sells it or not, they will estimate the value of it, put him in another tax bracket and send him a bill (essentially)
I could be completely wrong, but that is what I had heard

 

[D Rock]

What a bunch of bullshit!!!!!!!!! I hate the IRS what a bunch of Douchbags!

Another reason to vote for Ron Paul... he plans to immediarely work to phase out the IRS.

 

[Guest]

Actually, the guy who caught the ball could keep it and not pay taxes until he sold it. The ball has no monetary value until sold. If you have a painting that increases in value every year, you don't pay taxes every year on it, but just when you sell it. If someone gives you a large gift, part of it can be non-taxable as there is an annual limit on tax-free gifts.

You can give $12,000 away to as many family and friends as you want each year and it is tax-free.

If you would like to test this, I will send you my bank info and you can wire the money to me immediately.

Er...can I have your social security number, too? You know, just in case the IRS needs it for their record keeping purposes.

 

[thcbound]

I am not an expert but I assume he could still be taxed because by catching the ball and claiming ownership of it, the ball is then considered by the IRS to be taxable income regardless of whether or not he sells it. Pops' point of the the painting is correct, however the person who owns the painting is assumed to have at one time purchased it, and therefore already paid a tax on it.

 

[Pops]

He could claim that by buying a ticket,he was investing in the possibility of catching a ball. The ball then becomes an investment and taxes are deferred until sale, and then taxed at capital gains.

Old Fool, you send the money and I will send a SS#(which might not be mine).

All of you need to remember that a true patriot is a person who cheats on his taxes. Politicians cannot be trusted with other people's money!

 

[Classyathome]

The Incompetent Revenue Screwers can tax him twice - once on the estimated value of the ball at current market rates, then for the difference on that amount once it's sold.

Once he aquired that ball, it became a tax liability - and the government does not forgive tax debts for poor people.

Interesting to check google for details on tax liability forgiveness - all the cases pretty much were people who have substantial income or family wealth, but lobbied hard to elected officials to have it wiped.

Hell, rich people even get the government to waive the cash transfer amounts, so they can carry huge amounts of $$$ out of U.S., and to more tax enlightened countries. If Joe average carries $10,000 across the border (for any reason), it can be seized, and he will be jailed. Joe Warbucks just calls ahead to his Senator, Congressman or other elected whores.

 

[Guest]

http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball Old article but answers some of the questions asked here. I don't know how to post a link here, sorry. Basicly, if he would have kept the ball, he's selling, he would have a tax of about 210 grand based on a value of 600 grand. Whoever buys it stands a chance of it losing value, the article says, if stories of Bonds' juice use proves true. They would be able to claim a loss.
Hell, I'd give it back to Bonds, try and claim some sort loss and let him worry about it. He's got bucks and can buy his way. I'm just a schmuck behind a keyboard. I borrowed the gum I'm ch

 

[Guest]

http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball Old article but answers some of the questions asked here. I don't know how to post a link here, sorry. Basicly, if he would have kept the ball, he's selling, he would have a tax of about 210 grand based on a value of 600 grand. Whoever buys it stands a chance of it losing value, the article says, if stories of Bonds' juice use proves true. They would be able to claim a loss.
Hell, I'd give it back to Bonds, try and claim some sort loss and let him worry about it. He's got bucks and can buy his way. I'm just a schmuck behind a keyboard. I borrowed the gum I'm chewing.
Seems the link works.

 

[PoppinFresh]

The Incompetent Revenue Screwers can tax him twice - once on the estimated value of the ball at current market rates, then for the difference on that amount once it's sold.

Once he aquired that ball, it became a tax liability - and the government does not forgive tax debts for poor people.

Interesting to check google for details on tax liability forgiveness - all the cases pretty much were people who have substantial income or family wealth, but lobbied hard to elected officials to have it wiped.

Hell, rich people even get the government to waive the cash transfer amounts, so they can carry huge amounts of $$$ out of U.S., and to more tax enlightened countries. If Joe average carries $10,000 across the border (for any reason), it can be seized, and he will be jailed. Joe Warbucks just calls ahead to his Senator, Congressman or other elected whores.

"Only the little people pay taxes," said Leona Helmsley

 

[Ktaadn]

I laughed at that too......so true unfortunately!