No good deed goes unpunished

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OT: Yanks fan who returned ball, faces big tax bill

woooooooooow no good deed goes unpunished eh?


When valuing all of the goods, Lopez – who told the Times that he owes more than $100,000 in student loans – could be in line for a heavy bill from the IRS. The Times cited Steven Bandini, a tax partner at the accounting firm Zapken & Loeb, who said that a modest valuation of $50,000 for all of the items would likely mean a roughly $14,000 tax liability.
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http://msn.foxsports.com/mlb/story/...l-fan-may-owe-major-tax-bill-071111?GT1=39002
 
So he received $50,000 worth of stuff from the Yankees and may have to pay taxes on it. Why doesn't he just sell a fourth of the tickets he got then he doesn't have to worry about having extra money to potentially pay any taxes.
 
Re: OT: Yanks fan who returned ball, faces big tax bill

whoops Maxiep beat me by a while lol
 
I don't see the problem really, I mean yes it would be great if we could all live in a make believe land where we pay no taxes...

But realistically I think it’s perfectly fair for some guy who received $50k worth of free stuff to have to pay taxes; more so then it is for somebody who earns $9/hr cleaning toilets at the stadium.
 
Draco said:
I don't see the problem really, I mean yes it would be great if we could all live in a make believe land where we pay no taxes...

But realistically I think it’s perfectly fair for some guy who received $50k worth of free stuff to have to pay taxes; more so then it is for somebody who earns $9/hr cleaning toilets at the stadium.
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By that logic, when you had a birthday party as a kid, should you have paid taxes on your gifts? If you find someone's wallet, and they give you some cash for returning it, should you pay taxes on it?

This guy gave up the opportunity to make $200-300K to do the right thing, and now the government may come after him for the Yankees' show of gratitude? At what point do we say, "enough"?
 
maxiep said:
By that logic, when you had a birthday party as a kid, should you have paid taxes on your gifts? If you find someone's wallet, and they give you some cash for returning it, should you pay taxes on it?
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Yes all income is taxable unless specifically excluded by the tax code. A kid setting up a lemonade stand technically should be including that revenue on his or her tax return.

Now most of these examples are virtually immaterial tiny amounts of money so nobody really cares how people report it. But getting $40k of stuff from the Yankees is material, and just as somebody on the price is right or any game show has to pay taxes for free stuff so does this guy.

There are many people I believe are unfairly over taxed and many who are unfairly under taxed. It’s a nice story that this guy gave back the ball, but that was his choice. He isn’t being taxed on the ball. I’d rather see a tax break go to somebody who worked hard for their money then some guy who lucked into a bunch of free stuff.
 
Draco said:
Yes all income is taxable unless specifically excluded by the tax code. A kid setting up a lemonade stand technically should be including that revenue on his or her tax return.

Now most of these examples are virtually immaterial tiny amounts of money so nobody really cares how people report it. But getting $40k of stuff from the Yankees is material, and just as somebody on the price is right or any game show has to pay taxes for free stuff so does this guy.

There are many people I believe are unfairly over taxed and many who are unfairly under taxed. It’s a nice story that this guy gave back the ball, but that was his choice. He isn’t being taxed on the ball. I’d rather see a tax break go to somebody who worked hard for their money then some guy who lucked into a bunch of free stuff.
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I hope you paid your taxes on your bike with training wheels and your Slip n Slide. And since you're trying to use a "shades of gray" argument, what's the line at what level of gift you should pay taxes on?

And why should "luck" be taxed in the first place? What gives the government the right to pry into every nook and cranny of our lives, extracting their pound of flesh? I think income, sales, property and city, county, state and federal taxes are quite enough.
 
maxiep said:
I hope you paid your taxes on your bike with training wheels and your Slip n Slide. And since you're trying to use a "shades of gray" argument, what's the line at what level of gift you should pay taxes on?

And why should "luck" be taxed in the first place? What gives the government the right to pry into every nook and cranny of our lives, extracting their pound of flesh? I think income, sales, property and city, county, state and federal taxes are quite enough.
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Gifts are never taxable to the recipient. Gifts can be taxable to the giftor, the person giving the gift. The Fox News article speculates the items the guy received from the Yankess will not be classified as a gift.

I’m not the one who decides what dollar amount taxes should be enforced at, that is determined by the IRS and a judge. If a judge says taxes need to be paid then that is the level they should be paid at, if a judge or the IRS won’t bother pursuing taxes than that is the legal threshold you don’t have to pay taxes at. A judge determines the law.

It seems that you would prefer tax loopholes for people who luck into large sums of money, and people who work for their income should have to pay extra. Ideologically I would rather see taxes paid evenly by all.
 
maxiep said:
By that logic, when you had a birthday party as a kid, should you have paid taxes on your gifts? If you find someone's wallet, and they give you some cash for returning it, should you pay taxes on it?

This guy gave up the opportunity to make $200-300K to do the right thing, and now the government may come after him for the Yankees' show of gratitude? At what point do we say, "enough"?
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If the goods are classified as prizes, rather than gifts
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Seems like a letter from the Yankees saying that it was a gift and not a prize for catching the ball will clear this up. I don't know what you're upset about, you win a prize, lottery, game show, etc you pay your taxes. Someone gives you a gift you don't. Yankees never announced to the crowd that if they get the 3000 hit ball they will win prizes. The guy who caught it gifted it to Jeter and Jeter and the Yankees gifted him back with some really nice swag.




​
 
I don't see ANY problem with this.

A gift is taxable to the giver, not the recipient... and getting a birthday or slip-and-slide would probably be fine under the annual exemptions given to each of us as givers.

I don't think that this is a gift, though. The Yankees received something of value, and it was almost certainly MORE valuable than what they're giving out.

The dude is, at some level, lucky he's not getting taxed for the fair market value of the ball (which he then sold for less than market value) rather than the value of the goods and services he received from the Yankees as compensation for the ball. (Or the tax that he'd pay as giving the ball away as a gift to the Yankees, if he's arguing that he just GAVE it to them.)

Ed O.
 
If it's the Yankees, then fine. If it ends up on this guy, then something is wrong with the system. I get that something my be legal, but that doesn't mean it's right.
 
i would have sold the ball paid my taxes, paid my student loans, bought a gun, killed jeter, sold the book rights, hired a dope lawyer, got off, and went golfing
 
The right thing to do would have been for him to sell the ball and pay off his student loans.

Typical freeloading career student.

He owes his country $100,000, has it fall into his lap, but his loyalty is to a corporation and to his own ego.
 
Beer Company Says It Will Come To Rescue Of Man Who Caught Derek Jeter's 3,000th Hit

The saga of the NY Yankees fan who caught — and then gave back — the baseball Derek Jeter knocked out of the park for hit number 3,000 continues. First, the team rewarded the fan with memorabilia and luxury box tickets for the rest of the season. Then came reports that he could be on the hook for thousands of dollars in taxes for the freebies. Today he got some potentially good news, as the folks at Miller High Life say they'll foot the bill for any potential tax liability the guy might have.
"Miller High Life believes you should be rewarded for doing the right thing, not penalized," a possibly drunk rep for the beer tells ESPN.
Some tax experts have warned that the 23-year-old fan could end up owing anywhere from $5,000 to $14,000 in taxes if the IRS declares the freebies as extra income. Others have said the team only needs to classify the seats and swag as gifts and he'll be off the hook.
Tax Cat is currently sleeping so we can't ask him, but we know there are some tax experts reading this. If the fan does get hit with the tax bill and Miller decides to pay, could the IRS still consider the Miller money as additional income?

http://consumerist.com/2011/07/mill...f-man-who-caught-derek-jeters-3000th-hit.html
 
the bomb!

fuck da gubment and their cracka azz cracka bullshit!
 
SlyPokerDog said:
Tax Cat is currently sleeping so we can't ask him, but we know there are some tax experts reading this. If the fan does get hit with the tax bill and Miller decides to pay, could the IRS still consider the Miller money as additional income?
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Just to answer this question (in case anyone wondered): yes. It definitely would be additional income. But then Miller could pay those taxes, too. And then the taxes on THAT payment... etc. It's a pretty straightforward total payment to ensure that Miller would leave the guy without owing taxes on it.

Ed O.
 
http://espn.go.com/blog/new-york/yankees/post/_/id/19845/modells-steps-up-on-lopezs-behalf

The New York Yankees "gift" to Christian Lopez came with a price: several thousands of dollars in taxes.

So Modells is stepping up to help Lopez pay the I.R.S.

The Sporting Goods Store will announce on Wednesday afternoon at its Times Square location that five percent of all of its Yankees merchandise sales from July 13-19 will be donated to Lopez to help pay the taxes and other student loans he's accrued.

Lopez scooped Derek Jeter's 3,000th hit in Section 136 of the left-field bleachers on Saturday afternoon at Yankee Stadium, and has become somewhat of a celebrity after he gave it back to Jeter while asking for nothing in return.

The New York Daily News reported that Lopez could've gotten around $250,000 for the ball had he put it up for auction. But despite having around $100,000 in student loans from St. Lawrence University, Lopez selflessly wanted Jeter to have it.

The Yankees gave Lopez four season tickets valued at around $44,800 to $73,600, according to the New York Times.

The tax liability on those tickets, the Times reported, is around $14,000. The Daily News reported it to be $5,000-$13,000.
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he is making out like a bandit, gonna get his loans taken care of now
 
3RA1N1AC said:
i would have sold the ball paid my taxes, paid my student loans, bought a gun, killed jeter, sold the book rights, hired a dope lawyer, got off, and went golfing
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Perfect plan except you left out one important step. You have to leave Jeter's body out in swamp for 6 months with duct tape over his mouth (heart sticker is optional) so there's no cause of death.
 
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