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The guy who caught 756 owes the IRS $200k or more

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Chris G:
Maybe he can deduct his ticket price and medical expenses as costs of acquisition. :)

billf:
And his Mets jersey.

polaris:

--- Quote from: shardian on August 09, 2007, 10:42:17 am ---I read that and it is total ---That which is odiferous and causeth plants to grow---. As far as the government is concerned, if he kept it, it's value should be the cost of the ball or ~$20. He should only be charged taxes if and when he sells it. This is dangerous territory IMO. Lets say I have a Mickey Mantle card that was handed down to me from my dad. If I had an article done on my collection and and IRS saw that, they could come and tax me based on fair market value if they wanted, even though the card has been and always will be in my families possesion. (hypothetical, I only wish I had a Mickey mantle rookie card)

--- End quote ---

in the uk we have inheritance tax and you would be taxed on that card if it were in a will particularly, there is a massive con performed by the wealthy to avoid it though and most get away with it.

billf:

--- Quote from: polaris on August 09, 2007, 02:02:47 pm ---
--- Quote from: shardian on August 09, 2007, 10:42:17 am ---I read that and it is total ---smurf-poop---. As far as the government is concerned, if he kept it, it's value should be the cost of the ball or ~$20. He should only be charged taxes if and when he sells it. This is dangerous territory IMO. Lets say I have a Mickey Mantle card that was handed down to me from my dad. If I had an article done on my collection and and IRS saw that, they could come and tax me based on fair market value if they wanted, even though the card has been and always will be in my families possesion. (hypothetical, I only wish I had a Mickey mantle rookie card)

--- End quote ---

in the uk we have inheritance tax and you would be taxed on that card if it were in a will particularly, there is a massive con performed by the wealthy to avoid it though and most get away with it.

--- End quote ---

So what is the con?

FrizzleFried:
That's got to be wrong...because you are all right...it is NOT income until such a time that he sells it.  It is simply a $20 baseball.

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