How sad... Matt Murphy (the guy that caught Bond's #756) says he's thinking of keeping the ball (yeah right). Of course, if he does he'll apparently have to pay $210,000 in taxes (35% of the estimated value of $600k).
Gives a whole new perspective to "sock it to the rich."
As for the whole event- I've gained a lot of respect for Barry Bonds after seeing how he's handled his moment.
Pete Hanlin, ABOM
Vice President Professional Services
Essilor of America
http://linkedin.com/in/pete-hanlin-72a3a74
Why would he have to pay taxes on something he owns?
It's one of a kind. So it has no value until it is sold. It is priceless, or worthless, until there is a buyer. If it sold, I guess he would pay a capital gains tax. But I don't see how he would need to pay taxes on it by just posessing it.
We don't have to pay taxes on stock until it is sold.
Now if he insured it, the insurer would have to determine an 'replacement' value. Then the local gov't would have a basis for assessing personal property tax. But that is quite a bit less than the tax you are talking about.
Sounds like he needs a better lawyer.
What Ball???
Chip (I don't get out much)
I have to disagree there. It doesn't matter how he handled himself on one night. He cheated and he lied about it. This is far worse than anything Pete Rose did and frankly it's an insult to the great legacy of Hank Aaron who earned his record with skill and hard work, not chemicals.Originally Posted by Pete Hanlin
And it's stupid for the government to attempt tax something beyond the value of the baseball itself. For all intents and purposes it has no other value until it's actually sold.
OptiBoard Administrator
----
OptiBoard has been proudly serving the Eyecare Community since 1995.
He doesn't. The ball is just a ball until it is sold. Once it is sold it has a value. Until then it is just a percieved value. He would not have to pay capital gains but just include the sale amount less auction fees etc. in his tax return as income. Barry Bonds is now signing and dating hundreds of balls which have a value as they will be sold at a set price. If this guy could get Barry to sign and date this particular ball it would be worth even more at auction but fat chance.
Just wait till he sells it for a couple of million. Can you say Capital Gains. All prize winnings and windfallsare considered capital gains are taxed at what the government says that they are worth and you have to pay up front. If and when he sells the ball its value will be restated and capital gains taxes minus whatever he is paying now must be paid.
It's just another way that the government tries to redistribute wealth through taxation.
What a racket. Is it pro-rated for how long he keeps it? Maybe sell it while it's hot.
Right on the money with that quote, I couldn't have said it better!
I have to disagree there. It doesn't matter how he handled himself on one night. He cheated and he lied about it. This is far worse than anything Pete Rose did and frankly it's an insult to the great legacy of Hank Aaron who earned his record with skill and hard work, not chemicals.
Well, you don't have to convince me that taking steroids to enhance performance as a player is worse than gambling on baseball as a manager (on your own team, nonetheless)...
Still, as I've talked with a few coworkers who are "really into baseball," they've brought up a lot of points about Bonds that have caused me to reconsider my dislike for him. First, steroids have not always been illegal in baseball (at least no one was looking, which is paramount to a green light). Second, the owners were encouraging players to take steroids- after all, nothing packs them into the stands like the long ball. Third, once the fuss over steroids came up, the owners suddenly had a change of heart (what, some of our players are taking steroids, OMG!!!). Finally, it stands to reason a lot of the pitchers Bonds is up against were also "on the juice." Even if not, the pitching today is better than when The Hammer was playing.
Is Barry Bonds a jerk? Yes. Did he probably take steroids to increase his performance? Yes. Has he hit more home runs than any other player in the history of the game? Yes. When Hank Aaron goes on screen and says Bonds is the home run king, that kind of seals the deal for me. If the fellow who held the record recognizes Bond as the legitimate new record holder, I don't think anyone else has more "skin in the game."
Estimates are that around 40% of the players were on steroids at one point. Still, no one else was hitting 73 home runs (while being walked over 100 times as well). Roids or not, Bonds is one of the best hitters the game has ever seen. I liked the way one of the guys on ESPN summed it up: Babe Ruth was the home run king of his era, Hank Aaron was the home run king of his era, and Barry Bonds is the home run king of this era (until Alex Rodriguez surpasses him).
Should Rose be in the Hall of Fame? Absolutely!
He doesn't. The ball is just a ball until it is sold. Once it is sold it has a value. Until then it is just a percieved value. He would not have to pay capital gains but just include the sale amount less auction fees etc. in his tax return as income.
According to the tax expert in the article I read, the ball represents an "acquired asset." So, even if he doesn't sell it, Murphy will still be taxed on a "fair estimate" of the acquired value. Likewise if you win a car or a trip in a contest, you will be taxed on its estimated value (even if you never sell the car).
When you actually see that figure ($210,000 out of $600,000), the 35% tax rate really comes into perspective. Its hard for me to believe there are those who think it should be higher (heck, assuming Peyton Manning makes around $14 million in salary per year, he's paying nearly $5 million a year in taxes). Of course, I understand Peyton donates a substantial sum to charity, and he returns part of his salary to the Colts to help with salary cap issues (cause he's just an awesome human being :^). Still, he probably makes at least 5-6 million a year in endorsements... staggers the mind!
Pete Hanlin, ABOM
Vice President Professional Services
Essilor of America
http://linkedin.com/in/pete-hanlin-72a3a74
Remember Pete, those are the tax rates before the lawyers and accountants get to them. I know of one former optical chain where the owner made sure he never took in a profit on paper.
Well said. Any of the pitchers that Bonds batted against could have been using one of the suspect drugs or substances. And it isn't just the star players. There are the marginal players who were using substances and hoping it would keep them on a major league roster. And the players who used substances with the intent of speeding their recovery from an injury.
I think of Barry Bonds as part of our current "roids era".
I wonder how it will be seen if Alex Rodriguez does surpass Bonds in career home runs. Will that be considered part of a new era - or just more of this current (roids) era again?
I heard an ominous comment a few weeks ago: That the chemists who make the "juices" are getting smarter all the time at making substances that cannot be tested for - and that the "juice" experts are likely to stay ahead of the "test" experts for the foreseeable future.
Last edited by rinselberg; 08-11-2007 at 06:03 AM.
hundreds of thousands of businesses do it every year. Nothing illegal about it, in principle. But if you were to look very close at the deductions, well that is a different issue.
I thought capital gains were taxed at a lower rate than normal income About 15%, right? At least he can decuct his "basis" which includes the cost of the game ticket, mileage to the game, and a baseball mitt if he bought one just for the event. He can't deduct food and beverage items consumed at the game, though.
I bet that some smart lawyers are calling him now. "Sir, if you happened to be working for a corporation while at the game (which we just created before the game), then the corporate entity could donate the ball to a museum that you could set up, which would be owned by a trust with your middle child's as the beneficiary and . . . . " Smart tax lawyers are worth their pay.
Maybe our northern neighbors can answer, but I have met a few (middle class) Canadians that pay 60% tax. And they don't have a military expense to speak of.
I never said it was illegal.
I said we try to make it out that these businesses are being ravaged by the evil government, and the number is a misconception.
People like to exaggerate their tax rate. I am middle income and I pay 25 percent
So, is one to assume that every other baseball caught in every other baseball game should also be taxed? Who determines the value? What is their experience and credentials? Is every fan who ever caught a ball therefore a criminal for not paying taxes on each of the balls caught?
PS. I HATE sports. Baseball seems way more boring than watching paint dry!
You should watch hockey. Much more entertaining :)
Should be renamed "Fights On Ice". I like Olympic hockey where they actually play instead of trying to gain advantage by penalizing the other team via headhunters.
DragonlensmanWV N.A.O.L.
"There is nothing patriotic about hating your government or pretending you can hate your government but love your country."
The physical contact is part of the beauty and strategy of the sport.
I long for the old days when there were no helmets and men were men. Actually the fights are the best part and the Wings always give me my money's worth. Yesterday an older gentleman walked in my store with an Rx. He had a plo shirt on with a Red Wings insignia on it. I asked him if he was a Wings fan and he said "I used to play for them". It was Alex Delvecchio one of my childhood heroes along with Gordie Howe and Ted Lindsey. We had a lovely conversation and when he picks up his glasses he said he would be sure to bring in an autographed picture for me. I was on cloud nine. Gotta love hockey.
Mr. Delveccio was born and raised in my community.
Now we have come back with the Staals. Yes, they may have a few friends that get a little crazy at bachelor parties, but they are good blue chippers.
I love a good hard check. I love watching the guys finesse the puck down ice and not getting offsides. I hate the constant iceing "penalties" and the strategy of getting your opponents' shirt off so he's DQ'ed.
I love hockey, I hate planned fighting.
DragonlensmanWV N.A.O.L.
"There is nothing patriotic about hating your government or pretending you can hate your government but love your country."
The issue now is that the shots are a lot harder thanks to equipment improvements. Helmets are basic safety requirements when a frozen lump of plastic comes hurtling off a composite stick at your head
that, and because the puck lifts off the surface of the ice.The issue now is that the shots are a lot harder thanks to equipment improvements. Helmets are basic safety requirements when a frozen lump of plastic comes hurtling off a composite stick at your head
I used to ref hockey. I mean I played it too, but with officiating, you get like no equipment. You get these 13AA and AAA kids, who found that they have power behind their shot. Problem is they have no accuracy. So anytime someone gets the puck, they try to show off their slap shot. Puck goes flying all over the place. Got a couple in the arm, and it smarts.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote
Bookmarks