Bonds Homerun Ball to be Auctioned

[Adam West]

http://sports.yahoo.com/mlb/news?slu...yhoo&type=lgns

The part of the story I don't get (and I'm an accountant) is why he should get taxed on it for holding it. This was not a raffle, lottery, or prize. I think of it more akin to finders/keepers.

Does this mean if you buy something for $1 at a yard sale and find out it's worth $1 million, you should pay taxes on it even if you keep it?

I can understand paying taxes on it once he sells it but shouldn't have to pay to keep it.

I'm sure there is some case law surrounding this very issue but I do think he might have a good case in court if he wanted to fight the tax battle.

[txteach]

Heck I'll offer him a million times what he paid for!

[toys2cool]

yeah that makes no sense to pay taxes if he decides to keep it,Let's see how much Mcfarlane pays for this one

[batmanmc]

no sense to pay taxes on it but i would sell it for sure.

[saildog]

The part of the story I don't get (and I'm an accountant) is why he should get taxed on it for holding it. This was not a raffle, lottery, or prize. I think of it more akin to finders/keepers.

I wondered the same thing when I heard this on Sports Talk Radio this morning. Glad to see that it doesn't add up for an accountant, either.

My thought was, "Let's say that Rawlings Official Major League Baseball is worth $25 and he is taxed at a rate of 100%. That's $25. (price and rate blown out of proportion for the purpose of illustration).What real value can they put on that ball other than the actual price paid by MLB until someone buys it from him?".

[The Toyroom]

The IRS just sees potential money they're not getting sitting there so they decide to tax 'im sounds like....

[kresge1]

The govenment sucks hairy grizzly cherries
They suck