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Selling the ball for that amount would instantly put Murphy 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, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said.
Originally posted by intrepid
Well, according to the story I read, he was piled on by 30 people. The police got him out, face and body scraped up. So if they want their tax money, fine. Let him sell it, pay the 40% tax BUT he gets to beat the crap out of 30 IRS employees. That's gotta be worth a $1/4 mil.