IRS=A bunch of thieves

Discussion in 'General' started by killa_clam, Aug 9, 2007.

  1. <TABLE class=yspcontent cellSpacing=0 cellPadding=0 width=974 border=0><TBODY><TR><TD class="" vAlign=top width=720>Mets fan could face big tax bill over Bonds' home run ball

    <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD height=7><SPACER height="1" width="1" type="block"></TD></TR><TR><TD class=yspsctnhdln>Mets fan could face big tax bill over Bonds' home run ball
    </TD></TR><TR><TD height=7><SPACER height="1" width="1" type="block"></TD></TR></TBODY></TABLE><STYLE type=text/css> td.yspwidearticlebody { font-size: 13.5px; }</STYLE><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=yspwidearticlebody>By MARCUS WOHLSEN, Associated Press Writer
    August 8, 2007

    SAN FRANCISCO (AP) -- Before he celebrates his windfall, the New York Mets fan who emerged from a violent scrum clutching Barry Bonds' record-setting home run ball should probably call his accountant.
    As soon as 21-year-old Matt Murphy snagged the valuable piece of sports history Tuesday night, his souvenir became taxable income in the eyes of the Internal Revenue Service, according to experts. "It's an expensive catch," said John Barrie, a tax lawyer with Bryan Cave LLP in New York who grew up watching the Giants play at Candlestick Park. "Once he took possession of the ball and it was his ball, it was income to him based on its value as of yesterday,"


    By most estimates, the ball that put Bonds atop the list of all-time home run hitters with 756 would sell in the half-million dollar range on the open market or at auction.
    That would instantly put Murphy, a college student from Queens, 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 Barrie. Capital gains taxes also could be levied in the future as the ball gains value, he said.
    On the other hand, he said, if the ongoing federal investigation into steroid abuse among professional athletes takes a criminal turn for Bonds, the ball's value could go down -- which would likely allow Murphy to claim a loss.
    Not everyone concurs on Barrie's interpretation of the intersection between professional sports and the nation's tax code.
    But for its part, the IRS seems reluctant to clear up the confusion. With six-figure treasures so rarely falling out of the sky, the agency declined to comment Wednesday on what regulations would apply and whether they would be enforced in the case of the Bonds ball.
    History does not provide much of a guide since most fans who have been lucky enough to snag previous long balls have chosen to sell their mementos. And at least one ball was as much a source of embarrassment for the IRS as revenue.
    As Mark McGwire chased the mark for most home runs in a season in 1998, IRS officials initially said the ball that broke Roger Maris' long-standing record could be subject to taxes even if it were returned to McGwire. The statements were ridiculed by politicians and quickly disavowed by the agency's top brass.
    "All I know is that the fan who gives back the home run ball deserves a round of applause, not a big tax bill," then-IRS Commissioner Charles Rossotti said at the time.
    Ultimately, Tim Forneris, a member of the St. Louis Cardinals grounds crew, recovered McGwire's 62nd home run ball. He turned it over to the Cardinals and received a trip to Disney World and a minivan in return.
    Phil Ozersky, a Cardinals season-ticket holder, caught McGwire's 70th homer later that season and sold it in 1999 to comic book artist Todd McFarlane for $3 million.
    A spokeswoman for the Giants said that as with any ball that enters the stands at AT&T Park, Bonds' 435-foot drive into the right-center field stands belonged to the person who caught it, so the team wouldn't seek its return. Bonds said he also had no interest in retrieving it.
    Murphy, who went to the game during a layover from a flight to Australia, grew up near Shea Stadium and was wearing a Mets jersey when he made the charmed grab. He told the New York Daily News he planned to keep 51 percent of the proceeds from the sale of the ball and would give the rest to his friend, Amir Kamal, 21, of New York, who was also at the game. "I won the lottery," he told the newspaper. "I'm going to be smart about what I do with it."
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  2. Theives are the perfect discription of those gov. employees:devious::mad:
     
  3. Wasnt the IRS supposed to be a temporary thing?
     

  4. Along with the CIA,FEMA and a handfull of other goverment agencies.

    I would say FBI, but I'm not that familaiar with the goverement.....But who really is......
     
  5. Hopefully shit turns out well for the kid (unlikely though, seeing as he is up against the government) How can the government need money so badly they're willing to fuck over college students financial status?
     
  6. Excuse me? How can you make such a massive statement without proper evidence. My father is an IRS agent and he works his ass off to fill our stomachs and to pack my bowls.
    Please don't call my father a thief.
     
  7. Theyre like the mafia! They take whatever they want!
    -seinfeld
     

  8. Legend here's a word of advice.....Grow up,or go to the S&P section and learn something cause your starting to bug me now,and I'm very tolerant of ignorant people.

    P.M me before you get banned,cause you really need some help!!!!!!!!

    edit: please ignore this post blades,I would have sent him a P.M,but how would he learn if I did that...
     
  9. Yeah thats bullshit but what can ya do?
     
  10. Fight for what we believe in,or something along those lines.

    Ahhh fuck it,lets keep paying these ridiculous taxes while getting nothing in return...

    Sicko anybody.....
     
  11. fuck the irs and every one of its worthless scandelous employees! its nothing but strong arm robbery. isint that why we were soooo pissed at brittan back then over taxation without representation? what the fuck are they gonna give that kid in exchange for his "tax money" other than a dick in the ass? nothing, thats what! the irs was not there the other day when i was unloading truck after truck into the hot fucking warehouse! the irs was not there when i was pulling weeds in the fucking hot sun! the irs was not there when i needed money to pay my bills but there sure as fuck were there on friday to take almost half my pay again and again and again and again AND AGAIN!!! i scream from the highest mountain FUCK the united states of americas government! i weep for the true america.
     
  12. The sad thing about it is every goverment from Mexico to Asia,Africa to South America is corrupted.The only way I can see equality and righteousness is to take over the world,and instill our own pothead goverments......Either that or GC Island....
     
  13. He's not calling your dad a thief, just the people he's working for
     
  14. im an umpire for the country baseball association, and i always get paid 50 bucks cash a game, and i was visited AT MY HOUSE by a tax agent who said i owed the government money...... i told him i wasnt giving him shit and told him to take me to court, that was like 3 months ago and i havnt heard anything since, so hopefully he just said fuck it and moved on to something else.
     

  15. Nah dude, youre father isnt neccarily a theif, but the organization he represents damn sure is. Dont twist words and take them out of context.
     

  16. Sorry for the double post..

    But whos to say that if a new government on GC island was formed, that it too in time would not be come corrupt and moneyhungry? I believe the govt. is what it is because of its size and how much power it THINKS it has.
     
  17. Yeah, your father probably has no idea what he is doing is unconstitutional (read illegal,) in fact he is probably under the same delusion that taxes are a good an necessary thing for this country (while they are to a certain extent,) but taking 35% percent out of the average American's paycheck, 80-90% of which to payback the chief financiers of the unFederal Reserve and World Bank is a very unnecessary and oppressing evil.
     
  18. The Boston tea party was a protest of a 1/2 cent tax on tea. The American revolution was fought over taxes, pure and simple. The Pentagon, and the IRS go hand in hand. Skipping along with all the money, the Pentagon needs the IRS to finance its nuclear boondoggle, The IRS needs the Pentagon to threaten us into being paranoid enough to forget that both agencies are fifty years overdue for dismantelling. Organized crime takes lessons from these guys, they've stolen a whole fuckin' country!
     
  19. If you feel this way about the IRS, vote for Ron Paul in 2008!

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  20. I guess the IRS has never heard of unrealized gains.
     

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