Article re Tax Effects of Catching Bonds's 756th HR Ball

[Cpt Banjo]

There's an interesting article in today's Wall Street Journal on the tax effects to whoever catches Bonds's 756th HR ball. Be sure and click the "Discuss in Law Blog" link at the bottom for more discussion.

http://online.wsj.com/article/SB1185321 ... email.html

Having said that, I wish the SOB (not the fan; you know who) would break his leg so that Aaron's untainted record would stand, even if just for a while before someone like ARod breaks it.

[Evil Squirrel Overlord]

There's an interesting article in today's Wall Street Journal on the tax effects to whoever catches Bonds's 756th HR ball. Be sure and click the "Discuss in Law Blog" link at the bottom for more discussion.

http://online.wsj.com/article/SB1185321 ... email.html

Having said that, I wish the SOB (not the fan; you know who) would break his leg so that Aaron's untainted record would stand, even if just for a while before someone like ARod breaks it.

Very interesting case. Similar thing happened to me, (item worth hundreds of thousands with essentially no way of calculating a base value to assess the gain) the IRS was stumped and basically told me to "punt".

Luckily I have not needed to build a compound in the woods and declair it "God's Land."

[silversopp]

I suppose that everyone who owns a barry bonds rookie card should be taxed as well as soon as he hits that homer.

[Duke2Earl]

I suppose that everyone who owns a barry bonds rookie card should be taxed as well as soon as he hits that homer.

No, if you already owned the card, an increase in value would not be currently taxable because there was no realization event. It's completely different if you suddenly become the owner of something you never owned before. Then, generally, under the treasure trove rules you are taxed on the FMV of what becomes your property. The transfer of ownership to you is the realization event.

[The Observer]

And Duke just opened the door for another courtesy rant from Stevesy.

[grixit]

There's an interesting article in today's Wall Street Journal on the tax effects to whoever catches Bonds's 756th HR ball. Be sure and click the "Discuss in Law Blog" link at the bottom for more discussion.

http://online.wsj.com/article/SB1185321 ... email.html

Having said that, I wish the SOB (not the fan; you know who) would break his leg so that Aaron's untainted record would stand, even if just for a while before someone like ARod breaks it.

Very interesting case. Similar thing happened to me, (item worth hundreds of thousands with essentially no way of calculating a base value to assess the gain) the IRS was stumped and basically told me to "punt".

Luckily I have not needed to build a compound in the woods and declair it "God's Land."

It seems to me that if i were to catch a recod breaking baseball, i would tell the IRS that it was a capital gain over the price of a ticket, which i was planning to roll over into some other investment.

[Evil Squirrel Overlord]

Couldn't you argue that when the ball cleared the fence that was a realization event? Or would that complicate things?

[wserra]

Couldn't you argue that when the ball cleared the fence that was a realization event? Or would that complicate things?

Well, one could certainly point out that, if in fact just catching Bonds' record-breaking HR is a taxable event, it puts the lie again to the tired TP argument that tax laws aren't clear.

[Imalawman]

But, existentially, the ball does not exist, the world is illustion and nothing is real, therefore the ball does not exist and no taxes would be owed. OMMMM.......... <lights>

I guess under that theory the person who caught the ball would be in the clear.