Matt Murphy, the 21-year-old New Yorker that caught Barry Bonds' 756 home run baseball, said he has no choice but to sell the ball — several people told him he would be taxed on the valuable souvenir if he holds onto it. Sotheby's/SCP Auctions will handle the sale at www.scpauctions.com beginning Aug. 28 and going through Sept. 15. The starting bid has not been determined, and auction officials estimated the ball would bring at least $500,000.
Everyone involved hopes the buyer of the historic balls is willing to at least share them for a period of time -- if not donate them altogether -- with the Hall of Fame in Cooperstown, N.Y. Bonds has said he believes his home run balls belong to the fans.
Questions I have:
• If he didn't pay anything for it, why does he owe any taxes like a sales tax?
• So if he pays taxes on the value ascribed by the IRS, but it's really worth half that, does he get a refund?
• If he gives the ball to Barry Bonds, the San Francisco Giants, or the Hall of Fame free of charge, would he still owe taxes?
• If he caught it, had possession of it, then turned and gave it to the pretty girl sitting next to him, would he still owe taxes?/ Would they both?
This is just messed up.
[h/t to a_rud_beth on Flicker for the photo.]
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Friday, August 24, 2007
Douche Bags Of The Week: The IRS
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3 comments:
Nobody ever accused the tax man of making sense. This is just gross.
(Also, there's a joke in there about one ball earning half a mil, featuring Lance Armstrong. I'm disgusted with myself for even thinking it.)
PS: Good luck with your audit.
I was going to respond that I don't make any money so what's to audit. Then I remembered all this guy did was catch a baseball. Nothing is for free. :(
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