This is some Bull $hit! F'in' Government...

[docutech 10+ year member]

Why cant they just leave people alone. This is ridiculous. The kid caught the ball, let him bask in the limelight for god's sake. If he so chooses to sell the ball, then I can see the government stepping in to get their cut. But if he keeps the ball and doesnt sell it he still gets taxed...//content.invisioncic.com/y282845/emoticons/suicide.gif.a649d21efc0d1fd4890a6428166586c1.gif//content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

Only in america...//content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

Mets fan could face big tax bill over Bonds' home run ball

By MARCUS WOHLSEN, Associated Press Writer

August 8, 2007

SAN FRANCISCO (AP) -- Before he celebrates his windfall, the New York Mets fan who emerged from a violent scrum clutching Barry Bonds' record-setting home run ball should probably call his accountant.

As soon as 21-year-old Matt Murphy snagged the valuable piece of sports history Tuesday night, his souvenir became taxable income in the eyes of the Internal Revenue Service, according to experts.

"It's an expensive catch," said John Barrie, a tax lawyer with Bryan Cave LLP in New York who grew up watching the Giants play at Candlestick Park. "Once he took possession of the ball and it was his ball, it was income to him based on its value as of yesterday,"

By most estimates, the ball that put Bonds atop the list of all-time home run hitters with 756 would sell in the half-million dollar range on the open market or at auction.

That would instantly put Murphy, a college student from Queens, in the highest tax bracket for individual income, where he would face a tax rate of about 35 percent, or about $210,000 on a $600,000 ball.

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

On the other hand, he said, if the ongoing federal investigation into steroid abuse among professional athletes takes a criminal turn for Bonds, the ball's value could go down -- which would likely allow Murphy to claim a loss.

Not everyone concurs on Barrie's interpretation of the intersection between professional sports and the nation's tax code.

But for its part, the IRS seems reluctant to clear up the confusion. With six-figure treasures so rarely falling out of the sky, the agency declined to comment Wednesday on what regulations would apply and whether they would be enforced in the case of the Bonds ball.

History does not provide much of a guide since most fans who have been lucky enough to snag previous long balls have chosen to sell their mementos. And at least one ball was as much a source of embarrassment for the IRS as revenue.

As Mark McGwire chased the mark for most home runs in a season in 1998, IRS officials initially said the ball that broke Roger Maris' long-standing record could be subject to taxes even if it were returned to McGwire. The statements were ridiculed by politicians and quickly disavowed by the agency's top brass.

"All I know is that the fan who gives back the home run ball deserves a round of applause, not a big tax bill," then-IRS Commissioner Charles Rossotti said at the time.

Ultimately, Tim Forneris, a member of the St. Louis Cardinals grounds crew, recovered McGwire's 62nd home run ball. He turned it over to the Cardinals and received a trip to Disney World and a minivan in return.

Phil Ozersky, a Cardinals season-ticket holder, caught McGwire's 70th homer later that season and sold it in 1999 to comic book artist Todd McFarlane for $3 million.

A spokeswoman for the Giants said that as with any ball that enters the stands at AT&T Park, Bonds' 435-foot drive into the right-center field stands belonged to the person who caught it, so the team wouldn't seek its return. Bonds said he also had no interest in retrieving it.

Murphy, who went to the game during a layover from a flight to Australia, grew up near Shea Stadium and was wearing a Mets jersey when he made the charmed grab.

He told the New York Daily News he planned to keep 51 percent of the proceeds from the sale of the ball and would give the rest to his friend, Amir Kamal, 21, of New York, who was also at the game.

"I won the lottery," he told the newspaper. "I'm going to be smart about what I do with it."

Click to read more...

 

[Propimp 10+ year member]

Your Retarded Stfu

 

[tru_44 10+ year member]

//content.invisioncic.com/y282845/emoticons/wow.gif.23d729408e9177caa2a0ed6a2ba6588e.gif the gov f's with someone once again //content.invisioncic.com/y282845/emoticons/suicide.gif.a649d21efc0d1fd4890a6428166586c1.gif

 

[Propimp 10+ year member]

do you really think that he would get all that scott free of taxes

 

[DDeitz 10+ year member]

that really ***** for the guy college student probly ****** dick for those tickets now he may have to pay 200g in bills.

i didnt think he would get it all for free, it makes sense hes gotta pay them, but it does ****

 

[wesl56 10+ year member]

blah. its a fucking baseball... to me, its value is

 

[tEh koRnDog 5,000+ posts]

Your Retarded Stfu

cocklover

 

[DBfan187 5,000+ posts]

Hush Both Of You Or My Purple-headed Yogurt Slinger Will knock You Out For A Few Days!

 

[DejaWiz 5,000+ posts]

blah. its a fucking baseball... to me, its value is
Exactly.

The IRS can not fairly assess the value of that particular baseball and determine what it's worth must be in the eyes of every individual citizen; and I think that's the defense this guy should take.... Jane Doe would say it's worth $10 to her while John Doe says it's worth $750,000 to him. So what's the actual value of that baseball? Can't be determined.

The IRS needs an anema if they're going to start pulling **** like this.

 

[Propimp 10+ year member]

Exactly.
The IRS can not fairly assess the value of that particular baseball and determine what it's worth must be in the eyes of every individual citizen; and I think that's the defense this guy should take.... Jane Doe would say it's worth $10 to her while John Doe says it's worth $750,000 to him. So what's the actual value of that baseball? Can't be determined.

The IRS needs an anema if they're going to start pulling **** like this.

yea your right. just like a picaso picture huh, it only worth 3 to me but millions to some one else so they cant tax people. same with classic cars. hell everything so they cant tax me on **** because it might not be worth **** to someone else?

 

[sundownz Pro Seller]

Indeed... I think that taxing the guy for the ball if he keeps it is ridiculous. Now, if he sells it... sure, that is income. But if he keeps it? He didn't make any money yet... tax him if he sells it but not for keeping a **** baseball.

 

[IgnoreMe 5,000+ posts]

god bless the usaaaaaaaa

 

[wesl56 10+ year member]

Indeed... I think that taxing the guy for the ball if he keeps it is ridiculous. Now, if he sells it... sure, that is income. But if he keeps it? He didn't make any money yet... tax him if he sells it but not for keeping a **** baseball.

that would be the logical idea //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[sundownz Pro Seller]

That sort of law is dangerous... it means you never own *anything* in reality. Find a diamond? Well... you better pay Uncle Sam or he'll take it away, essentially forcing you to sell it unless you are already wealthy and can pay tax on it. How does that make sense to anyone?

Of course... we already have property tax. Think you own you house and land? Try not paying tax on it... sure, you paid for it and sure you pay income tax on all the money you used to pay for it... but you need to pay Uncle Sam every year anyhow or he'll take it away. Ah well, I guess that is the price we pay for the relative safety and comfort we live in.

 

[Scoobydoo 5,000+ posts]

isn't the dood from australia anyway?

go back there, sell it on ebay and laugh at the US government

 

[wesl56 10+ year member]

i wonder where he has that bitch hidden... you know there's probably crazy motherfuckers watching his every move

 

[Scoobydoo 5,000+ posts]

my first stop would have been a safety deposit box

 

[IgnoreMe 5,000+ posts]

isn't the dood from australia anyway?
go back there, sell it on ebay and laugh at the US government

hmmm, sound like a plan:naughty:

 

[docutech 10+ year member]

do you really think that he would get all that scott free of taxes

What if he doesnt sell it?

 

[wesl56 10+ year member]

What if he doesnt sell it?

well thats what we're bithcing about...

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