IRS will tax young man who caught Bond's home run

United States
August 9, 2007 11:31pm CST
Since when did anyone pay taxes on retrieving a home run ball at the ballpark? The IRS has some nerve telling the young man to pay an income tax on the home run he retrieved before he sells it based on an estimate they will determine. Then they said that if the ball gains more value, additional tax wil be levied. What happens if the ball loses value? It is well known that this ball will not be worth as much later on because the last home run Bonds hits will be the most valuable one. I can understand that if he went on a game show and won a car, he'd have to pay taxes, but this is pretty much like a souvenior. If I get Gov. Schwarzenegger's autograph at a restaurant, do I have to report that on my income tax returns also? It's riduculous that the young man is going to have to pay taxes on an astronomical amount which is pure speculation, which he probably can't afford anyway - then probably won't be able to get his money back if and when the ball does not sell at the price the government estimates.
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