NEW YORK (AP) -- Matt Murphy could become $500,000 richer if he sells Barry Bond's record-breaking home run ball.
The college student, however, may just want to hang on to it -- even if he's hit with a whopping tax bill.
"Part of me wants to keep it. It's the greatest American sports accomplishment in history," Murphy said Thursday on NBC's "Today Show." "Part of me might want to sell it, but I really am leaning towards keeping it. It's just too valuable, sentimental."
Selling the ball for that amount would instantly put Murphy in the highest tax bracket for individual income, where he would face a tax rate of about 35 percent, or about $210,000 on a $600,000 ball.
Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said.
Okay Check it yo. You stop in San Fran. You're waiting on a jet. You decide you'll check in at the Stick and watch Barry Beano go for his record breaking homer. You are a goofy college kid. You're there to have fun. You've had a brewski or three and a crab sandwich. You rush back to your seat. The record breaking homer is hit and you come up with it. Crap on toast!, right?? Well, double crap because you will have to pay almost a quarter million dollars in taxes. EVEN IF YOU KEEP THE FREAKIN' BALL!!! Yes Uncle Sam will grab you by the ball and twist. He wants every penny he can get out of you. You are the luckiest dude in the Bay area. You have a nice beer buzz going on, a full belly and the most important (so far) piece of baseball history stuffed into your boxers and suddenly you owe the Guv 210 grand! Shite ya say!
What do you think the government will use that money for? A down paymnet on a 'safe-house' for some mob informant? A couple new toilet seats for Air Farce One? Buying another round of ammo for one of our weapons of grand destructo? Maybe Uncle Sam will use it to rebuild a few hundred of those mud huts he levelled in Afghanistan? Reparation for sheep killed in Iraq? Hey, there are alot of lonely sheperds out there now...ewwww
Anyways. Sell the freakin' ball kid. At least get something out of it.
The college student, however, may just want to hang on to it -- even if he's hit with a whopping tax bill.
"Part of me wants to keep it. It's the greatest American sports accomplishment in history," Murphy said Thursday on NBC's "Today Show." "Part of me might want to sell it, but I really am leaning towards keeping it. It's just too valuable, sentimental."
Selling the ball for that amount would instantly put Murphy in the highest tax bracket for individual income, where he would face a tax rate of about 35 percent, or about $210,000 on a $600,000 ball.
Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said.
Okay Check it yo. You stop in San Fran. You're waiting on a jet. You decide you'll check in at the Stick and watch Barry Beano go for his record breaking homer. You are a goofy college kid. You're there to have fun. You've had a brewski or three and a crab sandwich. You rush back to your seat. The record breaking homer is hit and you come up with it. Crap on toast!, right?? Well, double crap because you will have to pay almost a quarter million dollars in taxes. EVEN IF YOU KEEP THE FREAKIN' BALL!!! Yes Uncle Sam will grab you by the ball and twist. He wants every penny he can get out of you. You are the luckiest dude in the Bay area. You have a nice beer buzz going on, a full belly and the most important (so far) piece of baseball history stuffed into your boxers and suddenly you owe the Guv 210 grand! Shite ya say!
What do you think the government will use that money for? A down paymnet on a 'safe-house' for some mob informant? A couple new toilet seats for Air Farce One? Buying another round of ammo for one of our weapons of grand destructo? Maybe Uncle Sam will use it to rebuild a few hundred of those mud huts he levelled in Afghanistan? Reparation for sheep killed in Iraq? Hey, there are alot of lonely sheperds out there now...ewwww
Anyways. Sell the freakin' ball kid. At least get something out of it.
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