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Tax my balls, please
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matt
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PostPosted: Thu Aug 09, 2007 1:14 pm    Post subject: Tax my balls, please Reply with quote

A 21-yr old kid had a layover in SF and decided to catch a game. He ended up catching No. 756. Nice story, right? Well, now he's kind of screwed:

ESPN wrote:
But before Murphy celebrates his windfall, he should probably call his accountant.

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 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.

"It's an expensive catch," said John Barrie, a veteran 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,"

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.

On the other hand, he said, if the ongoing federal investigation into steroid abuse among professional athletes takes a criminal turn for Bonds, the ball's value could go down -- which would likely allow Murphy to claim a loss.


I totally get that you would have to pay taxes on it when you sell it but it's really screwed up that no normal person (since normal people typically don't have $210,000 lying around) would be able to keep the ball if they had caught it.

This isn't like winning a Ferrari. A car has a set retail value. The ball has an estimated value but it's true value cannot be accurately measured until he sells the damn thing.

It's another demonstration of how our society is set up to exploit the little guy at every possible opportunity.

IRS: You have a really nice looking ball, sir. We say it's worth $600,000. Therefore you owe us $210,000. Payment is due on April 15, 2008 or we will throw you in jail.

Dude: Errr... I don't have $210,000

IRS: Well, I guess you will have to sell it to Rich Guy.

Rich Guy: You know, the steroid scandal is really hurting the value of balls these days. I'll give you $50,000 for your ball. Hopefully, in 10 years I'll be able to sell it for about $600,000.

Dude: Ok, you assholes, I sold the fucking ball. The problem is, I could only get $50k for it.

IRS: Oh that sucks. Well, you'll have to write it off as a loss. The good news is that the $550,000 loss you took mostly offsets the $600,000 the ball was originally worth. Once you pay the taxes on the difference you should be able to buy a car or pay for a semester of college. Isn't this country great?

Dude: Die in a fire
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shoewizard
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PostPosted: Thu Aug 09, 2007 1:22 pm    Post subject: Reply with quote

I'm not sure if thats how it would really play out, but damn that was funny Laughing
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EvilJuan
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PostPosted: Thu Aug 09, 2007 1:25 pm    Post subject: Reply with quote

matt wrote:
I totally get that you would have to pay taxes on it when you sell it but it's really screwed up that no normal person (since normal people typically don't have $210,000 lying around) would be able to keep the ball if they had caught it.

This isn't like winning a Ferrari. A car has a set retail value. The ball has an estimated value but it's true value cannot be accurately measured until he sells the damn thing.

It's another demonstration of how our society is set up to exploit the little guy at every possible opportunity.


I agree -- that's incredibly wrong to have any tax liability on something like that before selling it. It isn't as if the government won't get its (excessive) share of the proceeds once it's sold...

Wish I was knowledgeable enough to help him out...
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TAP
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PostPosted: Thu Aug 09, 2007 1:26 pm    Post subject: Reply with quote

Complaining about his balls being overtaxed. Some people are just never happy. Laughing
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EvilJuan
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PostPosted: Thu Aug 09, 2007 1:30 pm    Post subject: Reply with quote

TAP wrote:
Complaining about his balls being overtaxed. Some people are just never happy. Laughing


Ah, but you see, he only has one... Wink
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David B
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PostPosted: Thu Aug 09, 2007 1:34 pm    Post subject: Reply with quote

EvilJuan wrote:
Ah, but you see, he only has one... Wink


One? No wonder it feels taxed!!
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foulpole
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PostPosted: Thu Aug 09, 2007 2:51 pm    Post subject: Re: Tax my balls, please Reply with quote

matt wrote:
Dude: Die in a fire


LMAO!

I guess that the moral of this story is that the IRS truly does have you by the balls?
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sb24ws2005
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PostPosted: Fri Aug 10, 2007 11:21 am    Post subject: Reply with quote

We live in such a fucked up country...
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baldmaga
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PostPosted: Fri Aug 10, 2007 3:34 pm    Post subject: Reply with quote

I thought he lived in Austrailia
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B. O. N. D.
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PostPosted: Fri Aug 10, 2007 4:12 pm    Post subject: Reply with quote

baldmaga wrote:
I thought he lived in Austrailia


Then he's really screwed via import duty and all that crap.
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matt
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PostPosted: Fri Aug 10, 2007 5:08 pm    Post subject: Reply with quote

No he was just on his way to visit the land down under where the women glow and the men plunder
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jimbo4net
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PostPosted: Wed Aug 22, 2007 12:02 am    Post subject: Fan wants to keep # 756 but doesn't 'have the bank account' Reply with quote

No. 756 is going to auction.

Barry Bonds' record-breaking home run ball will be sold online, and fortunate fan Matt Murphy figures to be a half-million dollars richer.

The 21-year-old New York man said Tuesday he had no choice but to sell the ball -- several people told him he would be taxed on the souvenir just for holding on to it.

"It wasn't hard. It was simple math. I'm upset by the decision I had to make," Murphy said. "I wanted to keep it. I'm young. I don't have the bank account. ... It would have cost me a lot more to keep it."

Link
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matt
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PostPosted: Sat Sep 15, 2007 11:09 pm    Post subject: Reply with quote

He sold it for $752,467

link
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TAP
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PostPosted: Sun Sep 16, 2007 1:24 am    Post subject: Reply with quote

matt wrote:
He sold it for $752,467

link

awfully hairy price
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Puddy
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PostPosted: Mon Sep 17, 2007 12:30 pm    Post subject: Reply with quote

Quote:
SAN FRANCISCO (AP) -- The fate of Barry Bonds' record-breaking home run ball is now in the public's hands after its buyer announced Monday he was taking votes on whether to give the ball to the Hall of Fame, brand it with an asterisk or blast it into space.


http://sports.yahoo.com/mlb/news;_ylt=Ag0fmMgT3v9MMyJflAKgu4Y5nYcB?slug=ap-bonds-756ball&prov=ap&type=lgns
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moviegeekjn
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PostPosted: Mon Sep 17, 2007 12:37 pm    Post subject: Reply with quote

Cool Cool

To Vote
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matt
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PostPosted: Mon Sep 17, 2007 1:13 pm    Post subject: Reply with quote

About the buyer:

Quote:
The 35-year-old Ecko is known for his pop culture pranks, including an infamous Internet video that showed him apparently infiltrating an airport tarmac and spray-painting graffiti on Air Force One. The incident turned out to be a hoax.


I remember that video.
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matt
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PostPosted: Mon Sep 17, 2007 1:14 pm    Post subject: Reply with quote

I'm torn between HOF and space.
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Hank
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PostPosted: Mon Sep 17, 2007 2:13 pm    Post subject: Reply with quote

I voted HOF.
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B. O. N. D.
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PostPosted: Mon Sep 17, 2007 2:22 pm    Post subject: Reply with quote

I voted branding with an asterisk... mostly because I think it'd be pretty funny to turn it into the HOF that way... to see how they deal with it.

Other than that I really don't care. That guy surely had better things to spend his money on than a publicity stunt... you know, feeding starving children and all that. Rolling Eyes
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TAP
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PostPosted: Mon Sep 17, 2007 2:22 pm    Post subject: Reply with quote

*
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moviegeekjn
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PostPosted: Mon Sep 17, 2007 2:41 pm    Post subject: Reply with quote

Hank wrote:
I voted HOF.


As humorous (and cool) are the other choices... I also voted to save it for posterity sake. The HOF is a proper place for baseball history... where any related issues can be brought up and discussed to hearts' content.
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matt
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PostPosted: Mon Sep 17, 2007 2:58 pm    Post subject: Reply with quote

I think combinine the * AND sending it to the HOF would be the best!
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TAP
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PostPosted: Mon Sep 17, 2007 3:00 pm    Post subject: Reply with quote

matt wrote:
I think combinine the * AND sending it to the HOF would be the best!

Totally. Laughing

IIRC, their ballot mentioned that the ball would be sent to the HOF after the * was burned into it.
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B. O. N. D.
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PostPosted: Mon Sep 17, 2007 3:12 pm    Post subject: Reply with quote

Exactly.
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