According to a yahoo news story the guy who caught Barry Bonds record breaking Homer would be taxed on a baseball he caught at the game. What's up with that?
http://sports.yahoo.com/mlb/news?slug=ap-bondsball082207&prov=yhoo&type=lgns
2007-08-22 08:27:08 · 9 answers · asked by zeroxero3 2 in Sports ➔ Baseball
IMO it shouldn't be taxed until sells it, until it's sold it shouldn't be taxed
2007-08-22 08:40:13 · update #1
Its a complete joke. Everything in my house is worth something but I am not taxed on it. I also have things that have grown in value over the years and I am not taxed on that either. If I were him I would publicly destroy the damn thing just for spite. And some people want to keep the present tax system. Ridiculous.
Fairtax.org
2007-08-22 08:39:54 · answer #1 · answered by wyltk1 2 · 1⤊ 1⤋
The same way they tax a lottery win or game show prize. On the value (ie $500K at auction). It's unfair but thats the stupid tax laws the US has.
2007-08-22 16:10:01 · answer #2 · answered by kwilfort 7 · 1⤊ 0⤋
Because it is a very valuable asset. Just like taxing a car that you win on a TV game-show. You are now in possession of something worth a substantial amount of money and Uncle Sam wants his cut.
2007-08-22 15:35:33 · answer #3 · answered by Derek 2 · 0⤊ 2⤋
The same way you tax any other item you own that has value.
If you walked down the street and "found" a million dollars, they will tax you on that too.
2007-08-22 15:33:21 · answer #4 · answered by jimvh2020 1 · 2⤊ 1⤋
the baseball is like any other asset. it is the same as owning a car or a house. since the ball is valued at over 500,000, he is responsible for paying a tax on the ball.
2007-08-22 15:33:45 · answer #5 · answered by bsballfreak 3 · 1⤊ 2⤋
Because of it's worth. They will tax anything they can! Probably won't tax it until he makes money on it, though.
Scandalous.
2007-08-22 15:31:49 · answer #6 · answered by Carol K 4 · 2⤊ 0⤋
if they tax that ball, they should tax every home run ball, every kept football, evry kept basketball and tennis ball, etc, etc and all the clothing people through out becuz they said that it was a gift, so that means that everything else is a gift.
2007-08-22 15:37:12 · answer #7 · answered by waffles_11 1 · 2⤊ 1⤋
The monetary value is whatever someone is willing to pay.
I think I heard 500K.
2007-08-22 15:35:07 · answer #8 · answered by ed 7 · 1⤊ 0⤋
Of all the cheap ways to get a buck... thats pathetic what they're doing.
2007-08-22 15:31:59 · answer #9 · answered by leonard washington 2 · 3⤊ 1⤋