Barry Bond's homerun ball vs. IRS

MrDemonicAngel

MrDemonicAngel

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After reading this article http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns
i found out that the guy who caught the Barry Bond's homer ball to break Aaron's record is in a world of trouble.
Apparently the IRS wants a piece of that ball.
Claiming it to be capital giving it an estimated auction value of $600,000 will be forcing the poor college fan to pay 35% of $600k.

If you ask me thats EXTORTION.

So now his choices are either to sell the ball and pay the 35% tax or go to jail. Keeping the ball is not an option for this guy.

What are your thoughts?
 
A friend of mine linked me to this story this morning... and I ruined my monitor by spitting tea all over it. This is so fucking preposterous it's like some cruel joke. I cannot fucking believe this utter nonsense.
 
Do you people even read the whole frickin' story?

"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."

So basically, one New York tax lawyer says it MIGHT happen, and suddenly "IT'S EXTORTION!" Did the guy who recovered McGwire's ball get taxed? No. How about the guy who sold the Bonds #70 ball to Todd McFarlane? No. Why don't you people use some basic reading comprehension skills before crying and bitching about everything?
 
[quote name='VanillaGorilla']Do you people even read the whole frickin' story?

"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."

So basically, one New York tax lawyer says it MIGHT happen, and suddenly "IT'S EXTORTION!" Did the guy who recovered McGwire's ball get taxed? No. How about the guy who sold the Bonds #70 ball to Todd McFarlane? No. Why don't you people use some basic reading comprehension skills before crying and bitching about everything?[/quote]

VanillaGorilla is the voice of reason?

*Looks outside to see if sky is falling

Seriously though - as a college student this guy is more likely to get hit up for cash from the RIAA instead of the IRS.
 
[quote name='camoor']VanillaGorilla is the voice of reason?

*Looks outside to see if sky is falling

Seriously though - as a college student this guy is more likely to get hit up for cash from the RIAA instead of the IRS.[/quote]I'm often the voice of reason in these "political" threads, in which people basically read a headline, then run to CAG so they can post how OUTRAGED they are at the US government.
 
[quote name='VanillaGorilla']I'm often the voice of reason in these "political" threads, in which people basically read a headline, then run to CAG so they can post how OUTRAGED they are at the US government.[/quote]
according to my reading comprehension the article does state

"Selling the ball for that amount would instantly put Murphy 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 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."



dont know about how you would decipher this but i'm at an understanding that he would be taxed.

if i'm wrong i'm wrong but no need to start flaming like a little @%^#
 
And some people still think the government is an angel and only an agent for the common good.

Just think if you EARNED that 600,000 and the government wanted 35%. That would make me a whole lot angrier.
 
[quote name='MrDemonicAngel']according to my reading comprehension the article does state

"Selling the ball for that amount would instantly put Murphy 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 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."



dont know about how you would decipher this but i'm at an understanding that he would be taxed.

if i'm wrong i'm wrong but no need to start flaming like a little @%^#[/QUOTE]
Sa-wing and a miss.
The part you should be looking at is this:
"Selling the ball for that amount would instantly put Murphy 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 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."

Now class, before the topic continues, please answer the following questions:
As of this post, has the IRS done anything about this?
As of this post, has the IRS even said anything about this?
Did this article come about because of a hypothesis of a journalist and the musings of a tax attorney?
Did a similar tax scenario occur to another famous home run catch?
Do we actually know what the Murphy plans to do with the ball?
 
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