on it's estimated value? They can you know?
2007-08-08 20:44:27 · 12 answers · asked by Sloan R 5 in Politics & Government ➔ Law & Ethics
Yahoo! news says that it's estimated worth is $500,000-$600,000. That means he can be taxed at the highest tax rate. Whether the IRS applies this tax is at there sole discretion.
2007-08-08 20:57:15 · update #1
Yahoo! news says that it's estimated worth is $500,000-$600,000. That means he can be taxed at the highest tax rate. Whether the IRS applies this tax is at their sole discretion.
2007-08-08 20:57:34 · update #2
J. R big time!
2007-08-08 20:59:38 · update #3
If it was mine and they tried to tax me I would destroy it by taking it tpo a battin cage and hitting it over and over until it was time to burn it. Then I would take it out in the San Francisco Bay and scatter it's ashes and then if they still wanted to tax it I would tell them to not forget the "Death Tax". Don't forget I am THE ALL AMERICAN!!!!
2007-08-08 21:05:09 · update #4
If it was mine and they tried to tax me I would destroy it by taking it to a batting cage and hitting it over and over until it was time to burn it. Then I would take it out in the San Francisco Bay and scatter it's ashes and then if they still wanted to tax it I would tell them to not forget the "Death Tax". Don't forget I am THE ALL AMERICAN!!!!
2007-08-08 21:06:04 · update #5
resnic 2: does that mean that prizes won on game shows such as The Price Is Right are not taxed by The IRS as taxable income. This would seem to fall under the same category?
2007-08-09 07:26:01 · update #6
No,they need to leave him alone and let him enjoy his glory!!!
2007-08-09 06:59:36 · answer #1 · answered by nanna 5 · 1⤊ 0⤋
Ok, I don't know who's been running this crud but the guy is responsible to pay taxes only on income EARNED. Therefore, until he SELLS the ball, there is NO TAXABLE INCOME!!!!!!!!!!!!!!!!!!!!! Stop listening to the jerks broadcasting the news, people! Game show winnings are recorded under your social security number and you are sent a W-2 at tax time. Even radio station prizes in excess of $400, they require your social security number and in small $ amounts your on the "honor" system and not sent a W-2 but don't think for a minute that the radio station hasn't reported it. It's a business expense that reduces their income tax.
2007-08-09 14:06:15 · answer #2 · answered by mikebnchprss 3 · 1⤊ 0⤋
If you acquire an asset and it gains in value then you are supposed to pay tax on the gain when you SELL it. You do not know the price that you will get until it is sold.
The value of the ball is only an estimate. It may be higher or lower than the estimate
2007-08-09 04:12:19 · answer #3 · answered by DrIG 7 · 1⤊ 0⤋
Absolutely not. This is a glaring example of what is wrong with our tax system. For Years the left has tried to appease the lower income portion of there base by put ridiculous taxes on the rich. This is on of those taxes. It's not fare. It's not right. And something needs to change.
2007-08-09 07:29:38 · answer #4 · answered by Brian V 1 · 1⤊ 0⤋
NO! He should be able to keep it, without being taxed. How much are they going to decide its worth? Especially since Bonds is a controversial figure, some like him and some don't. So how are you going to put a value on it, then tax the poor guy.?
2007-08-09 03:48:41 · answer #5 · answered by Marje E. 4 · 1⤊ 0⤋
As someone who completely disagrees w/ everything the IRS stands for, I would say let the dude have his ball no strings attached, however as someone who has had to pay taxes on every single thing since i was 15, Id say tax the bastard! just to keep it fair :)
2007-08-09 04:07:07 · answer #6 · answered by Anonymous · 1⤊ 0⤋
...No... in it's current condition, it's just an abandon, used "Baseball"... Abandon by the Pitcher when he threw it away (in the direction of Bonds)... further rejected by Bonds as he hit-it out of the Ball field... so, ownership now is nebulous at best, however, it can only be Taxed if the "ball" is sold for a specific dollar value...which currently has not been determined
2007-08-09 03:51:36 · answer #7 · answered by Anonymous · 2⤊ 0⤋
I don't think so either. So long as he keeps it, it seems unfair to tax it. Like you say, who knows what it's worth?
If he sells it, then that money should be taxed.
2007-08-09 03:50:34 · answer #8 · answered by Anonymous · 1⤊ 0⤋
NO
Even if he sells it it should NOT be taxed. If he keeps it or sells it it's the same thing . He just traded it for money so the government has no business in it.
2007-08-09 03:52:27 · answer #9 · answered by Anonymous · 1⤊ 1⤋
Tax can only be imposed if there is already a sale since income already sets in.
2007-08-09 07:01:07 · answer #10 · answered by FRAGINAL, JTM 7 · 0⤊ 1⤋