08-22-2007, 04:15 PM
The IRS apparently says the guy who caught it has to pay estimated income tax on the "market" value of the ball if he keeps it, but the market value isn't set until the ball is actually sold.
So up until the point the ball is sold, I would think that the ball is worth $12.99 (or less, as it was a slightly used ball), and actually wouldn't be subject to income tax as its worth is less than $50.
http://www.courier-journal.com/apps/pbcs...002/SPORTS
PS: this is not a thread about steroids in baseball or the general fairness or unfairness of the Federal Income Tax itself. 'EFF the IRS' sentiments, however, are totally welcome. ;-)
So up until the point the ball is sold, I would think that the ball is worth $12.99 (or less, as it was a slightly used ball), and actually wouldn't be subject to income tax as its worth is less than $50.
http://www.courier-journal.com/apps/pbcs...002/SPORTS
PS: this is not a thread about steroids in baseball or the general fairness or unfairness of the Federal Income Tax itself. 'EFF the IRS' sentiments, however, are totally welcome. ;-)