Fan Could Face Major Tax Bill for Bond's HR Ball


	Fan Could Face Major Tax Bill for Bond's HR Ball

ugalindsey

8-9-2007 9:38 AM

601 views

tags:

baseball, taxes, government

2 Comments |

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8-10-2007 8:50 AM

HockeySkates1129

Ridiculous if true...how can the IRS claim a value of something in your possession??

8-10-2007 9:09 AM

BartendingBear

Gotta pay for the war somehow.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7232f5cc-7efd-4c74-9226-23eda25b8cdc/4E3B2962-F078-42DE-B5DD-D6603F5F3DD8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns" href="http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns" style="font-size: 11px;">sports.yahoo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns"><DIV class="title">Mets fan could face big tax bill over Bonds' home run ball</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns">Before he celebrates his windfall, the <A href="http://sports.yahoo.com/mlb/teams/nym/;_ylt=AquaVYmeLeE6rt765zWgKCupu7YF">New York Mets</A> fan
who emerged from a violent scrum clutching <A href="http://sports.yahoo.com/mlb/players/3918/;_ylt=AseYOquVNIgGfbSqQXgc7Pypu7YF">Barry Bonds</A>' record-setting home run
ball should probably call his accountant.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns"><P>As soon as 21-year-old Matt Murphy snagged the valuable piece of sports
history Tuesday night, his souvenir became taxable income in the eyes of the
Internal Revenue Service, according to experts.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns"><P>That would instantly put Murphy, a college student from Queens, 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.
</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns"><P>Even if he does not sell the ball, Murphy would still owe the taxes based on
a reasonable estimate of its value, according to Barrie. Capital gains taxes
also could be levied in the future as the ball gains value, he said.
</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/4E3B2962-F078-42DE-B5DD-D6603F5F3DD8/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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