Hilarious Example of Political Propaganda on ESPN

[PortCityProphet]

nope he had to pay taxes on it regardless if he actually sold it or not

thats dumb.

 

[Da_Eggman]

If he doesnt sell the ball it is not taxable income. In fact, it would be unrealized earnings with a cost basis of zero until he sold it, in which case it could then be taxed at the capital gains tax.


Eggman

Youre out of your league here

Matt Murphy, the 21-year-old New Yorker who emerged from a sea of knees and elbows with Barry Bonds' 756th home run ball, said Tuesday that he wished he could hang on to the record-breaking pearl and eventually display it to his grandchildren.

Poor guy, though, has to sell it.

Murphy called a news conference to say he will sell the ball online, from Aug. 28 to Sept. 15, through an auction house that expects it to fetch at least $500,000. Murphy said his hand had been forced by a dreaded foe: the tax man.

He feared he would be taxed on the value of the ball, even if he declined to cash in.

"I most likely would have kept it," Murphy said in his thick Queens accent, two days after returning from a beachcombing and female-admiring excursion to Australia's Gold Coast. "But it would have cost money to keep something I already had. I'm not poor, but I don't have $100,000 or $200,000 lying around."

A tax lawyer said that even if he DOES NOT sell it he will still be taxed once they determine the value of the ball

so right when he became owner of the ball the IRS sees it as taxable income its something that could be fought in court true but of course that be spending more money

 

[Ed MOTHERFUCKING G]

I honestly dont believe that. I know tax law fairly decently. Unless the irs viewed reception of the ball as a form of gift or inheritance, no, it should not be realized gains. If so, then yeah it would be viewed as unearned income taxed at that rate but i cant imagine that.

 

[Da_Eggman]

I honestly dont believe that. I know tax law fairly decently. Unless the irs viewed reception of the ball as a form of gift or inheritance, no, it should not be realized gains. If so, then yeah it would be viewed as unearned income taxed at that rate but i cant imagine that.

they view it the same as like winning a car in a contest or something

 

[mastermind]

they view it the same as like winning a car in a contest or something

that makes no sense.

the ball has no definite value, while a car does.

 

[jadillac]

To me the bigger issue is the Sportscenter headline on the side of the screen read, "LEbron tackles fan"

If you didn't see it and didnt know what happened that could be taken any number of negative ways.

 

[Da_Eggman]

that makes no sense.

the ball has no definite value, while a car does.

i aint the IRS he sold the ball anyway so it never got the that point

some thing happen with the McGwire ball

History does not provide much of a guide since most fans who have been lucky enough to snag previous long balls have chosen to sell their mementos. And at least one ball was as much a source of embarrassment for the IRS as revenue. As Mark McGwire chased the mark for most home runs in a season in 1998, IRS officials initially said the ball that broke Roger Maris' long-standing record could be subject to taxes even if it were returned to McGwire. The statements were ridiculed by politicians and quickly disavowed by the agency's top brass

so no telling what the verdict would of been had he kept the ball

 

[JoseLuisGotcha]

The government is really a mafia
They tax/extort everyone (pay or be punished and we will "protect you" with our police (muscle)
They control the lottery
They control the drugs and liquor