Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124990  
Subject: Re: Gift tax on No. 62 Date: 9/16/1998 10:49 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
[[The remark you quoted is the reason I thought the link might be of interest, Roy. It seems to me, by
the way, that the turnaround can be justified by arguing that a fan who simply gives the ball back
immediately has never accepted possession in the first instance. Surely this would be the ruling if
the fan simply threw the ball back onto the field. Wouldn't it?]]

I would certainly think that this would be a valid argument. But it would depend upon how many hairs IRS would want to split on the issue.

IRS would most likely say that "title" passed to the person who caught the ball. It is my understanding that once the ball leaves the ballpark, it is no longer the "posession" of the major league club, and that "title" passes to the person who caught the ball. So IRS would most likely look to local law (and MLB rules) regarding when the ball was the actual property of the person who caught it.

So this would be much different than somebody finding a bag of money, and returning it to the rightful owner. That action is clearly not a taxable event. It would be more akin to somebody finding a bag full of money and giving it to somebody that the finder "believes" should actually have the money.

And while this is all really mental mastrubation, it's kinda fun. Thanks for keeping the thread going, Bob.

TMF Taxes
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.