Fan who caught Jeter ball could owe big taxes

[IrOnMaN]

Next time, just throw it back.


Accountants say the man who caught the home run ball that Derek Jeter smashed for his 3,000th hit Saturday will have to pay as much as $14,000 in taxes, New York media report.


Christian Lopez, 23, caught the ball and promptly handed it over to the Yankees without demanding any kind of payment, the Daily News reported. The Yankees rewarded him with suite seats for the rest of the season, plus a heap of autographed team memorabilia.


That's what could cost Lopez. According to The New York Times, the total value of the seats and loot could exceed $120,000. The IRS would consider that to be taxable income, several accountants told both newspapers.
However, if it were construed as a gift, it would not be taxable, Columbia University law professor Michael J. Graetz told the Times.


"The legal question of whether it is a gift or prize is whether the transferor is giving the property out of detached and disinterested generosity," Graetz said. "It's hard for me, not being a Yankee fan, to think of the Yankees as being in the business of exercising generosity to others, but there's a reasonable case to be made that these were given out of generosity."
For his part, Lopez is being just as magnanimous with the IRS as he was with Jeter.


"Worse comes to worse, I'll have to pay the taxes," he told the Daily News. "... The IRS has a job to do, so I'm not going to hold it against them, but it would be cool if they helped me out a little on this."

It was a gift! The IRS can't tax a gift, they can only tax income. I'm speechless.

[brock]

The IRS doesn't even have the right to tax income. You suckers just go along with whatever they say and pay anyway. If I'm wrong, show me the law.

[check two]

I'm surprised he was able to move quick enough to get the ball

[Squidgy McGubbins]

Scumbag Government.

[p-rok73]

The guy should of auctioned the damn ball. He's 100k in debt on student loans. He's on the hook for these taxes. Nice guys finish last.

[diggy]

smh @ the whole situation.

[Dooch]

hes an idiot for giving the ball away for that bullshit.....


if jeter wanted the ball, he should have pain what is worth. He can afford it and the its rightfully the kids.

fuck these athletes and fuck the IRS