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  1. #11
    josdin00's Avatar
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    Re: Bonds' 756th ball going to auction

    "gr8vike" wrote:
    Capital Gains tax can not be levied on him just for holding onto the ball. If you buy or recieve Stock in the stock market you can not be taxed until you sell the stock no matter how much the price of the stock has gone up. It should be the same as that IMHO!
    We're not talking stock here. The rules surrounding capital gains, if I recall correctly, prevent the government from taxing you on the gains in your portfolio if the stocks you bought go up in value ... until you sell those stocks.

    However, those rules don't apply to material goods. If someone gave you a new corvette, its treated the same as if someone gave you $40,000, or whatever they cost. Since he caught that baseball, its the same as if Barry Bonds walked up to him and gave him half a million dollars. He is now worth $500,000 more than he was at the begining of that game, and that is taxable income.

    Anytime you see someone win a prize on a game show, remember that they have to then pay the tax on their winnings. "Who wants to be a millionaire" should be called "Who wants to be a six-hundred thousand-aire".

  2. #12
    BadlandsVikings's Avatar
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    Re: Bonds' 756th ball going to auction

    Does this mean we could be taxed on anything that it is autographed and has a high value?

  3. #13
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    Re: Bonds' 756th ball going to auction

    Bonds' record home run ball fetches $752,467

    http://www.msnbc.msn.com/id/20794164/

  4. #14
    jessejames09's Avatar
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    Re: Bonds' 756th ball going to auction

    "josdin00" wrote:
    "gr8vike" wrote:
    Capital Gains tax can not be levied on him just for holding onto the ball. If you buy or recieve Stock in the stock market you can not be taxed until you sell the stock no matter how much the price of the stock has gone up. It should be the same as that IMHO!
    We're not talking stock here. The rules surrounding capital gains, if I recall correctly, prevent the government from taxing you on the gains in your portfolio if the stocks you bought go up in value ... until you sell those stocks.

    However, those rules don't apply to material goods. If someone gave you a new corvette, its treated the same as if someone gave you $40,000, or whatever they cost. Since he caught that baseball, its the same as if Barry Bonds walked up to him and gave him half a million dollars. He is now worth $500,000 more than he was at the begining of that game, and that is taxable income.

    Anytime you see someone win a prize on a game show, remember that they have to then pay the tax on their winnings. "Who wants to be a millionaire" should be called "Who wants to be a six-hundred thousand-aire".
    Hey so if you played in canada you'd win 1 000 000 canadian. So around 700 000 or 800 000 dollars on a good day.

  5. #15
    VKG4LFE's Avatar
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    Re: Bonds' 756th ball going to auction

    I can't believe he would have to pay taxes on the ball! That's unbelieveable!

    I get the most pissed off looks from people with my VKG 4 LFE Wisconsin license plate, and I LOVE IT!!

  6. #16
    BadlandsVikings's Avatar
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    Re: Bonds' 756th ball going to auction

    Ecko sets up Web site, allowing public to vote on fate of 756 ball

    http://sports.espn.go.com/mlb/news/story?id=3024303

  7. #17
    PurpleGator's Avatar
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    Re: Bonds' 756th ball going to auction

    I voted to send that ball into orbit.

    Out of sight out of mind.

  8. #18
    Prophet's Avatar
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    Re: Bonds' 756th ball going to auction

    Get your facts first, and then you can distort them as much as you please. Mark Twain

  9. #19
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    Re: Bonds' 756th ball going to auction

    "Prophet" wrote:
    Where's the article entitled, "Man who HIT record-breaking home run ball even BIGGER IDIOT"?
    BANNED OR DEAD...I'LL TAKE EITHER ONE

  10. #20
    SLAG is offline Training Camp
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    Re: Bonds' 756th ball going to auction

    Blast it!!! It wont be worth much when A-Rod breaks the record in the near future

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