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Originally posted by Keyhole
According to a tax lawyer, as soon as Matt Murphy caught the 756th home run ball by Barry Bonds, he was instantly responsible for paying taxes on a ball that may be worth $600,000.
Originally posted by Crakeur
the tickets are hit with sales tax. not the same thing.
however, the ticket itself raises an interesting point. on the back of the ticket is a disclaimer stating that MLB, the team, the owners etc are not responsible for any injuries you might sustain while in the park. The disclaimer is there so that you don't sue when a fat drunk falls on you, breaking your back (twice this year in NY - one for each team). It's there so you don't sue when you get clobberd by an broken bat or a foul ball or a home run.
so, they aren't responsible for an injury from a ball hit into the stands? if that is the case, then it is in your best interest to protect yourself from being hit by a ball. how best to do that? catch it. then return it to its owner. that would be MLB, the team etc. They don't want it because that is part of the fun of coming to the game. catching a ball. so, that ball is a gift from them to you, for paying to see the team, for risking injury by sitting in home run territory and for agreeing to not sue should some harm come to you while you sit and enjoy the game.
gift. if anyone's paying a tax on the ball, it's the individual giving the gift to you the dude who catches the ball.
Originally posted by malganis
Maybe Barry Bonds should step in and say "Hey! I'm the SNIP
home run champion and I say that Murphy can keep it!"
That should settle it, I mean who's going to argue with that, the guy's a hero!
Originally posted by Crakeur
let's say you're scuba diving a wreck and you aren't in the business of locating artifacts. Pure hobby/sport for you. On one dive you come across some jewelry or other valuable object that is worth $600,000. You will surely pay taxes when you sell it but finding it? Absolutely not. If you strike oil while digging in your backyard, you don't pay income tax on the oil found until you sell it. If you are hiking and find gold in a stream, you pay tax when you sell it, not when you find it.
Originally posted by acegotflows
no income should be taxable.
If you dig deeper and read further into the code you will soon realize income and the income tax does not apply to most Americans, The word games played throughout the code are quite obvious in the full context, I suggest everyone have a look into it, making sure to read the legal definitions in the code as reference to what your reading.
TITLE 26 > Subtitle A > CHAPTER 1 > Subchapter B > PART I > § 61
§ 61. Gross income defined
(a) General definition
Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, fringe benefits, and similar items;
(2) Gross income derived from business;
(3) Gains derived from dealings in property;
(8) Alimony and separate maintenance payments;
(10) Income from life insurance and endowment contracts;
(12) Income from discharge of indebtedness;
(13) Distributive share of partnership gross income;
(14) Income in respect of a decedent; and
(15) Income from an interest in an estate or trust.