Maybe Ron Paul has a new Supporter?

[Nash]

If he isn't one now. Maybe he will be :)

http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball&prov=ap&type=lgns

[0zzy]

I'd sue the IRS. Even if he keeps it, he has to pay taxes? F*&! that sh!%. I'm so sick of what they are trying to do.

[jjschless]

Taxes are all American like baseball and apple pie.

LOL!!!

[Nash]

It's utterly sickening that this is their policy. What if he has trouble selling it for a fair price? Now he's stuck with a massive tax bill and no way to pay it. That's awful.

Plus the price of the ball will be driven down if he is forced to sell it because people know he is under significant pressure to do so.

[wakejumpin]

the only two sure things in life are death and taxes eh?

[Jennifer Reynolds]

Well, don't forget the part that says "not everyone agrees with [the lawyer's] interpretation of the tax code. This is more likely total nonsense. But it is sick that the IRS would refuse to comment.

[tron paul]

the baseball example makes it perfectly clear that there is no objective tax code, the meaning depends on the direction the political wind is blowing.

[american.swan]

I suggest selling the ball immediately and not to pay the taxes. I would sell it to get out of the country and stay out.

[Sean]

Well, don't forget the part that says "not everyone agrees with [the lawyer's] interpretation of the tax code. This is more likely total nonsense. But it is sick that the IRS would refuse to comment.

Of course they won't comment on it. They don't even know all the rules. A law or regulation should be clear cut.

[ZandarKoad]

I suggest selling the ball immediately and not to pay the taxes. I would sell it to get out of the country and stay out.

Right on. But I would probably just go into hiding in Texas or something. Or just ride on over to Ed Browns (http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=152568743) house! :D

[JosephTheLibertarian]

Right on. But I would probably just go into hiding in Texas or something. Or just ride on over to Ed Browns (http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=152568743) house! :D

funny. They always call Ron Paul a libertarian, the MSM says New Hampshire is a libertarian state, yet why do they never associate Ron Paul with NH? They call both libertarian, wouldn't that be logical? I have heard the media call NH a "libertarian state" many times, yet never mention Ron Paul in the same report.

[Johnnybags]

Hold onto it, go offshore to an annuity broker and wallah, no taxes. The IRS has no business in asking you to show them the ball every quarter. Tell em its not for sale therefore no income was recognized.

[NCGOPer_for_Paul]

No, there's no true value to the ball outside of it's cost ($10 a most, because it was a "special" Bonds ball--MLB had special balls in play when Bonds was at bat), until the ball is sold. Then, theorectically, the income generated from the sale of the ball is taxable.

I think the IRS would have a difficult time proving the value of a baseball that wasn't sold. The ball COULD be worth 13 cents to someone.

The taxable value is only what the price is between buyer and seller, not an appraisal. If they're going to tax an appraised value, that's a PROPERTY tax, not an INCOME tax. It's not income UNTIL a value is recieved for the property.

When you buy sports memorabilia at a "charity auction", the price you pay is tax deductable minus the actual cost of the item WITHOUT the autograph, etc. If the charity gives you a tax receipt, you can take the FULL cost.

[jonahtrainer]

Well, don't forget the part that says "not everyone agrees with [the lawyer's] interpretation of the tax code. This is more likely total nonsense. But it is sick that the IRS would refuse to comment.

""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,""

We fire tax lawyers who misread the code like this.

For example, if you find a seashell on the beach, or grow tomatoes in your garden, you have $0 basis in the seashell or tomatoes. There is no income until a recognition event. You only recognize income when you sell or trade the seashell or tomatoes. If you use the seashell for personal use, such as putting it on the shelf to admire or eating the tomato, there would be no income.

[njandrewg]

the lawyer is probably a Bonds fan and didnt' like that the ball was caught by the opposing team's fan

[billv]

How in the hell does the IRS tax an asset before it's sold?