Quote:
Originally Posted by will76
I can't see that happening. The value of the ball will be determined at sale. Until then it is just a $10 baseball. (or whatever they cost). I never heard of this happening in the past. It would be like someone famous painting a painting for you as a gift and the IRS say, mmmm we think it is worth 200K, so you have to pay capitol gains  |
yep, you would think they would have to wait until the sale to know exactly what it is worth. I guess he has already been offered 500K for it so I guess we can assume it is worth at least that. The good news for him is that no matter what he sells it for he can afford a good lawyer to help him with the tax issues.