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OT: Taxing Souvenirs? Barry Bonds' HR Ball?


BigPigPeaches

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That makes no sense... How can they tax him on something that basically has no value until it's sold? I mean, right now it's really just a used baseball, so what - they're going to tax him on the $3 that one used baseball would cost? The value only comes in because it's a coveted used baseball, but nobody knows how much it's worth because the guy hasn't sold it yet. This is completely freakin' asinine!

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Gotta agree with this. It has NO dollar value until tested at market.

 

That makes no sense... How can they tax him on something that basically has no value until it's sold? I mean, right now it's really just a used baseball, so what - they're going to tax him on the $3 that one used baseball would cost? The value only comes in because it's a coveted used baseball, but nobody knows how much it's worth because the guy hasn't sold it yet. This is completely freakin' asinine!

 

Unless you are the government, apparently - then you can assign a fictional value to it. Makes one very wary of listing such assets for insurance purposes, doesn't it....

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That makes no sense... How can they tax him on something that basically has no value until it's sold? I mean, right now it's really just a used baseball, so what - they're going to tax him on the $3 that one used baseball would cost? The value only comes in because it's a coveted used baseball, but nobody knows how much it's worth because the guy hasn't sold it yet. This is completely freakin' asinine!

 

 

Simple, it's worth anestimated $500,000 right now. If he sells it for a million after the tax, he is expected to file an ammended return and pay that, too. Remember the alternate idea of a National Sales Tax is tha EVIL!

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It's absolute BS. The ball has zero value. At best it's worth the price of the ticket he paid to get into the ballpark. If and when the dude sells it, that amount should simply be considered capital gains and taxed at the capital gains rate. And I would sell now anyway. That ball will be worthless when the hard evidence comes in that Bonds was juicing.

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It's absolute BS. The ball has zero value. At best it's worth the price of the ticket he paid to get into the ballpark. If and when the dude sells it, that amount should simply be considered capital gains and taxed at the capital gains rate. And I would sell now anyway. That ball will be worthless when the hard evidence comes in that Bonds was juicing.

 

 

+1

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I wonder what would happen if I were friends with a great artist who, for a special event in my life, made me a work of art that would fetch a million dollars, but was created with only $5 of supplies (hypothetical as can be). Would I have to immediately sell the gift if I didn't have the money to pay the taxes on the estimated value? Seems like a strange concept.

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Tell me if this scenario makes sense or would work.

This guy is apparently afraid of hanging onto this ball right? so it seems either way he is going to sell it/get rid of it.

Here's the scenario i see.

This guy goes ahead and pays the taxes on this ball at its bought value (someone said 3 bux?) or even if it cost $20 or whatever, right, he pays that tax...OK?

Now, he sells that ball for X number of dollars; so beings HE already paid taxes on this ball, how can they tax that same guy again for that same ball?

Given the gist of this ball being taxable just for "possessing it" wouldn't the taxes be transferred to the new owner following the pattern that they want to establish tax wise?

 

 

I think they could try to appraise the ball or something. Like, if I sold you my house for $50, you'd still have to pay near what it's actually "worth."

 

I'm curious about the whole thing though... has anybody from the fed or state gov. actually come out and said they intended on nailing this guy?

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Given the gist of this ball being taxable just for "possessing it" wouldn't the taxes be transferred to the new owner following the pattern that they want to establish tax wise?

 

 

No, that's not the gist. The gist is taxing the income or the increase in value of the asset.

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Thats what i mean, this guy should pay the taxes right now then sell it.

He can't be taxed twice on it can he?

 

 

The estimated value right now is 500k, that's what he'd have to pay taxes on if you believe he has to pay any taxes today. I don't know for sure whether he does or doesn't. If he then sold it for 600k, he'd owe taxes on the increase in value - 100k.

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The estimated value right now is 500k, that's what he'd have to pay taxes on if you believe he has to pay any taxes today. I don't know for sure whether he does or doesn't. If he then sold it for 600k, he'd owe taxes on the increase in value - 100k.

 

 

 

 

sell it on the DL to a private bidder for 1,000,000 or so then only pay the taxes on the 500k..sounds easy enough to me. Just make sure you back him up saying that you were only paid 500k for it.

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sell it on the DL to a private bidder for 1,000,000 or so then only pay the taxes on the 500k..sounds easy enough to me. Just make sure you back him up saying that you were only paid 500k for it.

 

Sure, tax evasion sounds like a real smart move. :rolleyes:

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