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  1. #1
    Fluorite Toothpaste poker's Avatar
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    So he catches the ball and now has to pay for it???

    http://sports.yahoo.com/mlb/news?slu...v=ap&type=lgns

    He is lucky enough to catch the Bonds ball but will be taxed through the ying yang for it even if he doesn't sell it???

    That's kinda sucks....
    Canon 5D MKII & Canon 7D

  2. #2
    Formerly Michael Fanelli, mwfanelli, mfa mwfanelli2's Avatar
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    Re: So he catches the ball and now has to pay for it???

    Quote Originally Posted by manacsa
    http://sports.yahoo.com/mlb/news?slu...v=ap&type=lgns

    He is lucky enough to catch the Bonds ball but will be taxed through the ying yang for it even if he doesn't sell it???

    That's kinda sucks....
    Hey! Without the ability to steal all of our money, all politicians would be out of work. Imagine, those without Daddy's Money would be forced to get a real job and work for a living! Oh, the horror...

  3. #3
    Panarus biarmicus Moderator (Sports) SmartWombat's Avatar
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    Re: So he catches the ball and now has to pay for it???

    Basically ... yes
    Acquisition of an asset is deemed to be at market value.
    So it becomes taxable at what the taxman says it's worth.

    Same on my parents' house.
    I owe tax at the 40% of their estimate of the acquisition value.
    If I sell it for more I pay capital gains tax at 40% on the profit.

    And on the rest of my inheritance?
    My mother was taxed at 25% during her lifetime.
    Income from his savings was taxed at 25% during hers lifetime.
    My father was taxed at 40% during his lifetime.
    Income from his savings was taxed at 40% during his lifetime.
    After their death, I had to pay inheritance tax at 40% on what's left.

    Who wins ?
    PAul

    Scroll down to the Sports Forum and post your sports pictures !

  4. #4
    Moderator
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    Re: So he catches the ball and now has to pay for it???

    The value is speculative, especially since the value will plummet if Bonds is indicted for steroid use. If I were him I'd pay the tax on the $15 ball it would cost if he bought it at an MLB store.
    JS
    Canon 1D
    Canon 1D MK II N
    Canon 70-200mm USM IS f2.8
    Canon 200mm f1.8 USM
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    Canon 28-300mm USM IS f3.5-5.6
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  5. #5
    project forum co-moderator Frog's Avatar
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    Re: So he catches the ball and now has to pay for it???

    That's why we need the Fair Tax. http://www.fairtax.org/site/PageServer
    Keep Shooting!

    CHECK OUT THE PHOTO PROJECT FORUM
    http://forums.photographyreview.com/...splay.php?f=34

    Please refrain from editing my photos without asking.

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