Avani (avani) wrote,
Avani
avani

The Tax Implications of being an Innocent Bystander


[...]
By most estimates, the ball that put Bonds atop the list of all-time home run hitters with 756 would sell in the half-million dollar range on the open market or at auction.

That would instantly put Murphy, a college student from Queens [who caught the ball], in the highest tax bracket for individual income, where he would face a tax rate of about 35 percent, or about $210,000 on a $600,000 ball.

Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, [...]


http://blog.mises.org/archives/006959.asp

Not something I (or anyone, I'd hope) expect the IRS to pursue, but its a little scary that they can...
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