| Fudd Fan sez: |
Like your tagline. Unfortunately it’s very accurate. |
 ct_libertarian sez: |
That's cool. Sometimes I think I'm a little too obtuse in my humor. Nice to know someone gets my jokes. |
Posted on 08/09/2007 8:37:57 AM PDT by ChicagoConservative27
Thanks for the ping...
Thank heavens!
SAN FRANCISCO (AP) — Before he celebrates his windfall, the New York Mets fan who emerged from a violent scrum clutching Barry Bonds’ record-setting home run ball should probably call his accountant.
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.
“It’s an expensive catch,” said John Barrie, a tax lawyer with Bryan Cave LLP in New York who grew up watching the Giants play at Candlestick Park. “Once he took possession of the ball and it was his ball, it was income to him based on its value as of yesterday,”
By most estimates, the ball that put Bonds atop the list of all-time home run hitters with 756 would sell in the half-million dollar range on the open market or at auction.
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.
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.
http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns
Hell, the ball is worth only $10 or less if I was doing my taxes. At least until I sold it.
| Fudd Fan sez: |
Like your tagline. Unfortunately it’s very accurate. |
ct_libertarian sez: |
That's cool. Sometimes I think I'm a little too obtuse in my humor. Nice to know someone gets my jokes. |
CC27:
Only if you want to play HOCKEY!! :)
WOW!
I got here 3 days in a row!
but in work and lurk mode...
sigh...
We all work, it pays the bills.
I know the feeling...
OK, what the fudge is this Gravel on?
LOL!!
actually.....sometimes it doesn’t pay the bills!
;-)
State Fair in Florida is February!! and Connecticut doesn’t have a state Fair... a Mall is on the FAIRGROUNDS now!! Connecticut’s state Fair is in Mass!!
Hi.
Senility. He’s the same guy who went on Laura Ingraham’s show and thought she was Doctor Laura.
What a bunch of BS. IRS can go f off.
Yeah, I may need to find another.
Hi.
Howdy.
Hi sugar.
Gravel is a joke. All the ‘rat candidates are, just not very funny ones.
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