http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns
2007-08-09 02:42:04 · 12 answers · asked by socmum16 ♪ 5 in Sports ➔ Baseball
Create a charrity donate the ball to it, (it should be a charrity name like, Keep Kids off of Roids) then avoid the taxes and move on.
Its funny a Queen from New York caught it in San Francisco.
2007-08-09 02:54:44 · answer #1 · answered by rhuzzy 4 · 3⤊ 2⤋
The IRS has many rules and regulations that will turn a reasonable persons head inside out. Any acquisition of a piece of property will be evaluated and counted as income to be taxed. That is why the game shows are not as lucritive as we would like to think. All of the prizes and money won have to be taxed before the contestant walks away with anything. The catcher of Bond's ball will most likely have to sell the ball, pay his taxes and be happy with the half value left to him.
2007-08-09 11:00:16 · answer #2 · answered by rac 7 · 1⤊ 0⤋
It's stupid, but this is the case with any large monetary prize. If you have to pay $200,000 on a $600,000 baseball, you are still dealing with $400,000 you did not have before. Seems fair to me.
I wonder what would happen if you tried to claim it was a gift from MLB or the SF Giants, and was therefore tax exempt?
2007-08-09 10:15:40 · answer #3 · answered by rbc_commish 3 · 2⤊ 0⤋
I read the article earlier today. It seems the young man will have to anywhere between 200 - 600K in taxes. If I were him I would sell it as quick as possible. The longer he keeps it the more he will end up paying.
2007-08-09 09:49:55 · answer #4 · answered by Lunnar 3 · 1⤊ 0⤋
I read that this morning and could not believe what I was seeing. I guess the old saying is true "The only guaranteed things in life are Death and Taxes"
2007-08-09 09:49:13 · answer #5 · answered by Scott W 3 · 1⤊ 0⤋
I'm just happy a New York Mets fan from Queens, caught the ball. I'm a Mets fan from Queens too.
Just another reason why we New Yorkers are the best.
2007-08-09 09:45:28 · answer #6 · answered by J-Far 6 · 1⤊ 2⤋
seems like anything involving the name Bonds is bad news...lol...
2007-08-09 09:47:03 · answer #7 · answered by Anonymous · 1⤊ 0⤋
i just read it before coming to Y!Answers.. hahaha i was thinking the same
2007-08-09 09:44:48 · answer #8 · answered by Fugha 4 · 0⤊ 0⤋
Pretty screwed up!!
gw
2007-08-09 11:32:25 · answer #9 · answered by georgewallace78 6 · 1⤊ 0⤋
LOL! Funny.
2007-08-09 09:44:20 · answer #10 · answered by ? 3 · 0⤊ 0⤋