Why does the guy who caught bonds homer have to pay tax ? [Archive]

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Capocci 007

08-22-2007, 09:04 PM

That is so stupid i never heard of that. Why not every homerun caught be taxed.

TheNeXt6

08-23-2007, 07:44 AM

I pulled up an old article from ESPN.com about the guy who caught the ball and someone says this about the tax,
"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."

So I guess that means that the amount that the ball was worth when he caught it and put it in his possesion means that he's gotta pay for the ball to keep it in his posession

Krueger

08-23-2007, 07:49 AM

its so stupid and how is it only worth 600,000 the marks 62 ball got a mil

Jdm7399

08-23-2007, 08:50 AM

its so stupid and how is it only worth 600,000 the marks 62 ball got a mil

When Bonds was approaching the record, an auction site already set the record breaking ball at 1 Million dollars. Due to the safety of the person who caught the ball, they pulled the auction off.

veritas347

08-23-2007, 08:57 AM

thats so stupid to charge a guy tax for catching a baseball

Comon ST

08-23-2007, 12:51 PM

codedigital

08-23-2007, 01:05 PM

I didn't really want to say this but deal with it. Its America, you get taxed on anything you win. If you win 1 million dollars, your DEFINITLY not walking out a millionare. Pretty much America probally does this to help pay off their debt, but the attempt is pointless, cause America keeps growing more and more into Debt.

My opinion, blame you Government.

Let's not get into the tax thing...Canada charges you an insane amount of taxes. 10% entertainment? No thank you. I hate going up there because I always pay so much in taxes.

Comon ST

08-23-2007, 02:00 PM

Let's not get into the tax thing...Canada charges you an insane amount of taxes. 10% entertainment? No thank you. I hate going up there because I always pay so much in taxes.

I know this :D but we don't have that much of an Insane Captial tax when you win something. Every single 6/49 (Lottery) ticket, you actually get payed out all of it, same with Pro Line. That is a plus, but then you have those damned people following you and asking you for money, which makes you want to go off the grid :(

Rocket

08-23-2007, 02:04 PM

Comon ST

08-23-2007, 02:12 PM

In my opinion it is stupid that he should have to pay taxes on it, but I can also see where the govt. is coming from. If the guy were to sell it, then he stands to make an ass load of money. Which goes into the same account of winning at a casino..they print you a W2 as soon as you cash out your chips...If they guy wants to avoid it....he should just donate the ball to the Baseball Museum...save himself a lot of money...

Wouldn't techincly he would still have to pay taxes on it? I, of course, think that him being taxed is upsurd. Its moronic. What pisses me off, you get taxed on everything, even if you win a football pool for money. I find that its America's downfall, other than Bush of course.

Rocket

08-23-2007, 02:15 PM

Wouldn't techincly he would still have to pay taxes on it? I, of course, think that him being taxed is upsurd. Its moronic. What pisses me off, you get taxed on everything, even if you win a football pool for money. I find that its America's downfall, other than Bush of course.

Not in this case I wouldn't think. When you donate $ to charity and such, you can claim it as a deductible or whatever on your taxes. I am assuming that in the case of donating something to a museum for Historic purposes it would hold the same weight. Assuming...making an ass of of u and me...

Comon ST

08-23-2007, 02:23 PM

Yeah. That damned keyword is Assuming... I hate that word. Theres also the excuse that the government could make that they tax him for the time he had the ball in possession. Thats why I don't like the government.

And I also hate when people tell me I have a political mind and I should major in Politics.

EDIT: By the way Rocket, this weekend or the next time you need to make cap, if you can get your hands on ether Rainbow Six Vegas, Shadowrun, Def Jam or even Splinter Cell, feel like having a boosting session? I wont be available Friday night though. Saturday Night, and All day Sunday should be fine though.

AOS Puck

08-23-2007, 05:08 PM

Charity: Even if the guy donates it, he would still have to pay taxes because it was HIS ball to begin with. The deductible might offset the cost though. It's better for him to sell the ball because he atleast walks away with some money.

Gambling: Unless you win over $2000 a year in gambling, you don't have to claim it. On the flip side, you can deduct all of your gambling losses.

Big Mac's Ball: His ball went for so much because: 1) Stan Lee is a huge fan of Big Mac's, 2) there wasn't a big steroid controversy making people doubt the validity of the record. If his ball had been sold nowadays, it would sell for a whole lot less than back then.

Rocket

08-23-2007, 05:10 PM

Ah, well that settles that part...then I guess he needs to just move to Canada then to get away from the whole thing...

Comon ST

08-23-2007, 05:18 PM

Ah, well that settles that part...then I guess he needs to just move to Canada then to get away from the whole thing...

Rocket, only if it were that easy.

An easier thing would be to run for president and abolish this tax rule.

SegaSaturnSNK

08-23-2007, 07:17 PM

America (rolls eyes), always gotta have the govt. or MLB to consume as much money as they can. They have enough, let the man enjoy his god damn money.

TheRealist50

08-24-2007, 05:01 AM

Greed is everywhere in the world and this just goes to show where its at its peak.

1138

08-24-2007, 06:03 AM

Well, I can understand the situation. Look at it like this: the state is holding a special, smaller scale lottery where you can win up to 600000, and only 45000 people are able to buy tickets. If you're that 1 of the 45000 to win, you pay tax on that. That's basically this guy's situation. He won the lottery.

Any way you cut it, though, 400000 is a nice reward for a $70 jersey, a $100 ticket, some scrapes, and a layover.

graf1k

08-24-2007, 10:54 AM

To answer the OP's question any money made from selling a homerun ball should be taxed under current tax law as money won, but the government isn't going to spend the manpower to make sure that happens. That said, with as much media attention at this guy that caught Bond's ball got, of course they are going to make sure he pays. It's like when that one dumbass won $1M on Survivor and then tried to get away without paying taxes on it. When the entire country knows you won the money, it's just stupid to try to get away with that shit.

PerpetualHeaven

08-24-2007, 04:15 PM

Let's not get into the tax thing...Canada charges you an insane amount of taxes. 10% entertainment? No thank you. I hate going up there because I always pay so much in taxes.

14% overall tax is quite a bit but they go towards to a lot of things and we're more of a socialist country then America is hence the higher tax. But seriously, can you say that it's okay to tax someone when they won't even sell the ball? He's being taxed for having a baseball? In what world does that sound okay?

graf1k

08-24-2007, 06:31 PM

14% overall tax is quite a bit but they go towards to a lot of things and we're more of a socialist country then America is hence the higher tax. But seriously, can you say that it's okay to tax someone when they won't even sell the ball? He's being taxed for having a baseball? In what world does that sound okay?

I'm not tax lawyer but I'm pretty sure that's bullshit. I know the guy quoted earlier said that's the case, but that just doesn't sound right. I mean, they don't levy capital gains tax on stocks or bonds until you sell them AFAIK because the value changes daily, so why should this be any different?

1138

08-25-2007, 02:48 AM

I guess the ironic thing about all of this is that the guy who caught it will probably pay more in taxes than Barry Bonds did last year.

AOS Puck

08-25-2007, 07:41 AM

I'm not tax lawyer but I'm pretty sure that's bullshit. I know the guy quoted earlier said that's the case, but that just doesn't sound right. I mean, they don't levy capital gains tax on stocks or bonds until you sell them AFAIK because the value changes daily, so why should this be any different?

Stocks, bonds, IRA, 401Ks, all have exempt tax status until you sell part or all of your holdings. However, property can be taxed as soon as you take possession. If you inherit a house from a dead relative, you pay taxes. If you win prizes on a game show, you pay taxes.

Get used to it people, you get taxed for pretty much everything. It may not be right, but it's not going to change anytime soon unless you elect me President. :lol:

1138

08-25-2007, 07:48 PM

I thought I'd also add that the people who were in the audience and received Oprah's "free cars" had to pay tax on those.

Zidane2chest

08-26-2007, 01:45 AM

It's because they can say its part of his income and all income comes with tax so they basically get some more money to fuel the war in Iraq that the retarded president decided was necessary. Because we all know, we need to fight with Iraq for this long. Cant wait until we get a new president.