Should the Internal Revenue Service tax the young man that caught Barry Bonds record breaking baseball..
on it's estimated value? They can you know?
Answers:
No,they need to leave him alone and let him enjoy his glory!
NO! He should be able to keep it, without being taxed. How much are they going to decide its worth? Especially since Bonds is a controversial figure, some like him and some don't. So how are you going to put a value on it, then tax the poor guy.?
not just no. but hell no!! the tax would be just As unfounded as the record.
I don't think so either. So long as he keeps it, it seems unfair to tax it. Like you say, who knows what it's worth?
If he sells it, then that money should be taxed.
...No... in it's current condition, it's just an abandon, used "Baseball"... Abandon by the Pitcher when he threw it away (in the direction of Bonds)... further rejected by Bonds as he hit-it out of the Ball field... so, ownership now is nebulous at best, however, it can only be Taxed if the "ball" is sold for a specific dollar value...which currently has not been determined
NO
Even if he sells it it should NOT be taxed. If he keeps it or sells it it's the same thing . He just traded it for money so the government has no business in it.
As someone who completely disagrees w/ everything the IRS stands for, I would say let the dude have his ball no strings attached, however as someone who has had to pay taxes on every single thing since i was 15, Id say tax the bastard! just to keep it fair :)
If you acquire an asset and it gains in value then you are supposed to pay tax on the gain when you SELL it. You do not know the price that you will get until it is sold.
The value of the ball is only an estimate. It may be higher or lower than the estimate
Tax can only be imposed if there is already a sale since income already sets in.
Absolutely not. This is a glaring example of what is wrong with our tax system. For Years the left has tried to appease the lower income portion of there base by put ridiculous taxes on the rich. This is on of those taxes. It's not fare. It's not right. And something needs to change.
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Ok, I don't know who's been running this crud but the guy is responsible to pay taxes only on income EARNED. Therefore, until he SELLS the ball, there is NO TAXABLE INCOME!!!!!!! Stop listening to the jerks broadcasting the news, people! Game show winnings are recorded under your social security number and you are sent a W-2 at tax time. Even radio station prizes in excess of $400, they require your social security number and in small $ amounts your on the "honor" system and not sent a W-2 but don't think for a minute that the radio station hasn't reported it. It's a business expense that reduces their income tax.
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