what if : HOME RUN #756 COULD COST FAN A LOT OF MONEY? [+] ballot by _Beelzebubba ACTIVE Thu Aug 09, 07 - Fri Aug 08, 08 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. Do you think someone should be taxed for receiving a gift or coming across a valuable souvenir? Yes, come and get it Mr. Taxman What? Next they'll try to tax oxygen, rain, sunshine, etc. I think it's "tea party" time. Ballot #116836 : SEE RESULTS Comment: show your vote with comment?

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