We all know that that kid who caught the ball was unable to keep it due to the tax implications.
So my question is, if it does end up in Cooperstown will the baseball hall of fame have to pay the same amount?
Or is that something that is "special" for the citizens and backbone of this country?
2007-09-21 12:37:35 · 3 answers · asked by Atomic Viking 2 in Business & Finance ➔ Taxes ➔ United States
My objection is that the government does absolutely nothing but they get the tax on the ball. Banish IRS for the collection of taxes on none items. Sure he get hundreds of thousand of dollars, but so what? Why should the slimy hand of the government get half of it.
Banish IRS to make stupid rules of collection.
2007-09-21 15:55:11 · answer #1 · answered by Anonymous · 0⤊ 1⤋
No, we do NOT know that! Just because one smarmy publicity-whore of a lawyer claimed that he owed tax even if he didn't sell it does NOT make it true! Go back and read the articles on it!
Since he sold it, there is no doubt as to the tax he must now pay. If the person who bought it donates it to the Hall of Fame, the Hall of Fame will pay no income tax on it. And unless the Hall of Fame is a registered charity the current owner won't get any sort of tax deduction for it.
2007-09-21 13:01:06 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Uh, your assumptions are way out of whack, and no, we don't "all know that" - only the people who don't pay attention to the actual facts think that. The kid who caught the ball wasn't taxed on it until he sold it. If you read the articles again, the IRS never said he owed tax on it unless he sold it, it was some publicity-hound goofy lawyer who told him that.
Now that he's sold it, he'll have to pay tax on the $600,000+ that he got for it.
You don't pay income tax on assets. It's an INCOME tax - get it? It's paid on income.
2007-09-21 16:24:41 · answer #3 · answered by Judy 7 · 0⤊ 1⤋