Are you F#%^&ng kidding me!!!!!!! Super Beat for some dude.

[DING-DONG YO]

I'm not a tax expert, but I'm pretty sure he wouldn't pay taxes on it until when and if he sells it.

[amputeesmile]

i don't think i'll ever understand america :|

[Khaos4k]

[ QUOTE ]
just saw on espn that he is also splitting the profits 51/49 with his friend that went to the game with him...

[/ QUOTE ]

why 51/49?

[Dranoel]

[ QUOTE ]
I'm not a tax expert, but I'm pretty sure he wouldn't pay taxes on it until when and if he sells it.

[/ QUOTE ]

I think the IRS sees a different viewpoint.

If you win a car on a game show- do you pay taxes on it when you sell it? Nope. Tangible assets = taxed right then.

[Khaos4k]

The guy who caught it sounds like a serial killer

[ QUOTE ]
Murphy grew up in Queens and when he's not in school, he lives in a tidy wood-framed house with his parents, grandmother and little brother.

Next-door neighbor Kay Mitchell said Murphy is a real clean-cut guy. "You never hear anything bad about him. He's just a nice college kid," she said.

[/ QUOTE ]

[droopy0021]

[ QUOTE ]
Not a beat in the least. Todd McFarlane will pay like $4 million for it. He owns like every other mega priced record baseball.

[/ QUOTE ]

Like McGwire's 70th HR he paid $3.25MM for...current value...$100k. Ouch.

[Python49]

What doesn't make sense to me (i don't watch baseball), is how does McGwire's ball go for 3m but this one only 600k? Isnt the homerun that sets the ALL TIME HOMERUN RECORD going to be worth the most in history? Someone explain?

[jasonfish11]

[ QUOTE ]
This isn't even the worst of it. During the 1998 McGwire chase, some [censored] in the IRS wanted to tax the ball; EVEN IF THE PERSON WHO CAUGHT IT RETURNED THE BALL TO THE PLAYER:


[/ QUOTE ]

This is how the majority of the other tax laws work for gifting a winning. I believe it says something along the lines of ...

If you win a prize and gift it to another person you need to pay taxes on the value of the prize. Unless you win the prize because you were entered into a contest by another person where the contest rewards people for things done good in the community. The winnings must be donated to an official charitable company or an entity of the US Government. (kid you not about the us govnt. part)

Basically if you win a prize and give it away you will pay taxes on it UNLESS you won the Nobel peace prize and gift the winnings to someone.

[DemonDeac]

[ QUOTE ]
What doesn't make sense to me (i don't watch baseball), is how does McGwire's ball go for 3m but this one only 600k? Isnt the homerun that sets the ALL TIME HOMERUN RECORD going to be worth the most in history? Someone explain?

[/ QUOTE ]

read the post above yours

[DrewDevil]

[ QUOTE ]
[ QUOTE ]
seeing that hes gonna sell it anyway its not that bad...


then again your country is fking sick in the head.

[/ QUOTE ]

Please, continue. What's the matter? Oh, you were finished? Well, allow me to retort.

Why does it seem that people just want to bitch & moan about the USA. Or, say stupid sh*t quoted above?

The reality is that people can't catch a boat\swim fast enough to get here. When was the last time you saw us point our finger at another country and joked about them all being retarded? *Crickets Chirping*

We understand, it's okay. These feeling of inadequacies will pass. You can run with the big dogs, or stay on the porch and yap.

[/ QUOTE ]

I don't think they're piling in the boats to come here for the tax laws.