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The guy who caught 756 owes the IRS $200k or more
ChadTower:
There is precedent for similar balls they could use to set an expected sale price, though, and they'd likely use that.
shardian:
--- Quote from: Samstag on August 10, 2007, 09:41:17 am ---
--- Quote from: Malenko on August 10, 2007, 08:56:09 am ---My cousin raised the BS flag on catching the ball is income, because its not, selling the ball is the income.
--- End quote ---
Your cousin would be wrong on that. Acquiring an item that has a large material value is income. Ask anyone who's ever won a car.
What's in question is whether an item can have a large material value based entirely on the opinion of "experts" and never proven in a market situation.
--- End quote ---
I can understand paying a tax on a car you win, or a house you win. They have physical value. This is just a $20 ball a guy caught in the stands. Technically it is worth $20. This is dangerous territory for the fed if they can start taxing you on what "people think" something is worth.
ChadTower:
--- Quote from: shardian on August 10, 2007, 09:52:27 am ---I can understand paying a tax on a car you win, or a house you win. They have physical value. This is just a $20 ball a guy caught in the stands. Technically it is worth $20. This is dangerous territory for the fed if they can start taxing you on what "people think" something is worth.
--- End quote ---
Maybe, maybe not. Anything that isn't new with a known MSRP is worth what "people think".
Jouster:
Simple solution...sell it to his wife or friend for a dollar...then buy it back for $2...now the ball has a value.
Jouster
ChadTower:
What is really comes down to is that the IRS cannot be fought. They will decide what they want to recieve and he will be obligated to pay that amount. He can fight the IRS in court but that will cost him 5 figures on top of whatever the judgement ends up being (which will be high). If he doesn't pay, they'll seize most of what he owns and put him in jail. Tax evaders in this country are penalized worse than rapists and child abusers. You can kill someone driving drunk and get less jail time than if you cheated on your taxes.
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