Vote on Fate of HR #756

[vandy125]

Ran into a story today on CBS that talked about the 756 homerun ball. HR #756

 

Looks like there is a public vote on what to do with it from the guy who won the auction:

 

Vote on #756

[Steve9347]

Ran into a story today on CBS that talked about the 756 homerun ball. HR #756

 

Looks like there is a public vote on what to do with it from the guy who won the auction:

 

Vote on #756

 

This really should be it's own thread... I was going to post it but checked here first.

 

Can a mod break this up?

[jackie hayes]

Mark Ecko bought it.

 

Wouldn't be my first guess, but okay...

[Middle Buffalo]

It should be branded, then sent to Cooperstown. I'd love to see if they'd display the ball with an asterisk on it.

[Linnwood]

You know it is funny, there was a thread a while back about the fate of the ball and I said I would destroy if I had caught it and quite a few people called me, in so many words, a liar. Saying that one one would do that.

 

Well this guy is going to do one better, he PAID for it and he might destroy it.

 

Bravo sir.

[Gregory Pratt]

It should be branded, then sent to Cooperstown. I'd love to see if they'd display the ball with an asterisk on it.

 

THAT is what I'd do.

[daa84]

You know it is funny, there was a thread a while back about the fate of the ball and I said I would destroy if I had caught it and quite a few people called me, in so many words, a liar. Saying that one one would do that.

 

Well this guy is going to do one better, he PAID for it and he might destroy it.

 

Bravo sir.

and he is potentially profitting off of his investment because of the exposure he and his company are getting because of it....its pretty brilliant marketing...i know i had never been to ecko's website before i voted

Edited September 19, 2007 by daa84

[Kid Gleason]

Can somebody please explain this:

 

Matt Murphy, a 21-year-old student and construction supervisor from New York, emerged from a scrum with the ball on Aug. 7. He decided to sell it, he said, because he couldn't afford the tax bill that would result from holding onto the ball.

 

 

[Texsox]

Can somebody please explain this:

 

Basically he was given an asset and needed to pay the taxes due. If I gave you and item worth $100,000, you would be responsible for any taxes owed. Just like on a game show, the contestants have to pay taxes. Perhaps thinking about a stock gain. Or if an employer decided to give you a house instead of paying you?

[NorthSideSox72]

Basically he was given an asset and needed to pay the taxes due. If I gave you and item worth $100,000, you would be responsible for any taxes owed. Just like on a game show, the contestants have to pay taxes. Perhaps thinking about a stock gain. Or if an employer decided to give you a house instead of paying you?

Except if it was a stock or other similar investment, you don't pay taxes for owning it. You pay taxes when you sell it. Which is why I find this tax thing pretty stupid - its not cash, nor is it real estate - so I really don't think it should be taxed.

 

[Texsox]

Except if it was a stock or other similar investment, you don't pay taxes for owning it. You pay taxes when you sell it. Which is why I find this tax thing pretty stupid - its not cash, nor is it real estate - so I really don't think it should be taxed.

 

The gift tax does suck. But it was abused, and the loop holes were closed. There should be a difference between an asset that is being used immediately like a home, cars, or cash, and one that really only has value when sold. But, as I type this I thought of a situation, How would your opinion change if he took out a loan and used the ball as collateral? "Leased" the ball?

 

Also, if I give you stock, wouldn't you owe taxes? That is the difference between this and stocks you've bought.

[NorthSideSox72]

The gift tax does suck. But it was abused, and the loop holes were closed. There should be a difference between an asset that is being used immediately like a home, cars, or cash, and one that really only has value when sold. But, as I type this I thought of a situation, How would your opinion change if he took out a loan and used the ball as collateral? "Leased" the ball?

 

Also, if I give you stock, wouldn't you owe taxes? That is the difference between this and stocks you've bought.

If you give me stock, no, I would not owe taxes, until I sold it. I don't think. Because how could one determine the gains?

 

With the ball, if you use it as collateral, you are essentially realizing some sort of gain from it, so I'd then think that it would be taxable at the value which was collateralized.

 

[whitesoxin']

I voted for blasting the ball into space because then it would be gone forever and maybe we wouldn't have to hear about it anymore. If the ball was branded, MLB could easily find a way to display the ball without the asterisk showing if they wanted. Plus, blasting the ball into space would be cool to watch.

[Texsox]

If you give me stock, no, I would not owe taxes, until I sold it. I don't think. Because how could one determine the gains?

 

With the ball, if you use it as collateral, you are essentially realizing some sort of gain from it, so I'd then think that it would be taxable at the value which was collateralized.

 

You would owe in the current price of the gift. Then down the road if you sell, you would also owe on any gains. This is out of my sphere, but isn't this were a lot of the barter systens fell into trouble? I "give" you something of value like professional services and you "pay" me with another non cash item. An explosion in this would take out a lot of money from our tax system.

[Kid Gleason]

Basically he was given an asset and needed to pay the taxes due. If I gave you and item worth $100,000, you would be responsible for any taxes owed. Just like on a game show, the contestants have to pay taxes. Perhaps thinking about a stock gain. Or if an employer decided to give you a house instead of paying you?

 

 

Wow, how incredibly stupid and greedy or our government. So, if you get it and actually plan on keeping it, you're f'ed? This doesn't happen on every single foul ball caught, so it shouldn't apply here either.

[witesoxfan]

I voted for blasting the ball into space because then it would be gone forever and maybe we wouldn't have to hear about it anymore. If the ball was branded, MLB could easily find a way to display the ball without the asterisk showing if they wanted. Plus, blasting the ball into space would be cool to watch.

 

I'd probably talk about it everyday then and mourn the loss of it. That's baseball history that you are destroying. This isn't some ball a doof at a Cubs game touched that "cost" the Cubs a trip to the World Series; it's the 756th home run of one of the greatest players in the history of the game.

 

I hope the vote is rigged and every vote goes towards putting it in the Hall in some way, shape, or form.

[Texsox]

Wow, how incredibly stupid and greedy or our government. So, if you get it and actually plan on keeping it, you're f'ed? This doesn't happen on every single foul ball caught, so it shouldn't apply here either.

 

It wouldn't because that foul ball wasn't worth $$$$$. How often does this happen? Parents giving their children big gifts. Lottery prizes. Game shows. Flea Market finds.

[NorthSideSox72]

It wouldn't because that foul ball wasn't worth $$$$$. How often does this happen? Parents giving their children big gifts. Lottery prizes. Game shows. Flea Market finds.

I do know that there is an exemption for gift money, which says up to something like $10,000 in value can be given as a gift without being taxed.

 

Here is a possible go-around - sell it to a family member for $1, then keep it in the house. You have now established the value at $1.

 

Which brings up problem number one with this tax scheme - how do you establish value for tax purposes?

 

[Texsox]

I do know that there is an exemption for gift money, which says up to something like $10,000 in value can be given as a gift without being taxed.

 

Here is a possible go-around - sell it to a family member for $1, then keep it in the house. You have now established the value at $1.

 

Which brings up problem number one with this tax scheme - how do you establish value for tax purposes?

 

IIRC the IRS can establish a fair market value, just like your home for real estate taxes. Here in Texas they will use "blue book" value to establish the tax on a car that is sold between family members. Now I wonder if there would be capital gains on that baseball if the original price was $X and it sold for $5X?

 

Clearly this ball was valued over any exemption mark. It just sucks that the guy could not keep ownership and, for example, loan the ball to Cooperstown or Balco to put on display.

[Texsox]

BTW, there seems to be some disagreement among tax experts about the IRS coming a calling. While it appears there is provisions in the IRS code to tax the ball, there is also evidence that the tax man doesn't come a calling until you sell it. Because the ball isn't exactly a liquid asset, they may wait. Let's also remember there was as split involved with this call. The guy that caught it had agreed to split any proceeds with the guy who went with him. Perhaps the second guy is pushing for a sale? The IRS refuses, as matter of policy, to comment on a specific citizens tax situation or to engage in hypotheticals.

 

I'm thinking Urban Legend.

[ChiSox_Sonix]

FYI, the votes are in and winning with 47% was to brand it with an asterisk and send it to Cooperstown.

 

Send it to the HoF as is was second with 34%, sending it to outer space had 19%.

[HuskyCaucasian]

FYI, the votes are in and winning with 47% was to brand it with an asterisk and send it to Cooperstown.

 

This ought to be interesting...