Taxes, beer and baseball: get more Americans than everyone?

Jul 20 2011-9: 57 am | 833 Views | 0 Recommendations | Image by Getty Images via @ Daylife

Baseball fans all over the country can a breathe easier.

No, it is not, because the Phillies managed to crank are two in the ninth last night running East NL.

Rather, it is, because the favorite of baseball finally paid these days, Christian Lopez, from the case for taxes is not.

In the event that you under a rock - have been asleep or have the same interest in baseball as my mother - Lopez is the 23 year old New York cell phone seller, Derek Jeter 3000th hit ball is caught and then, it's worth noting, gave it back.

And if you are even less of a baseball fan when my mother, Derek Jeter as one is the best shortstop in the history of the Florida Marlins with a glaring error: he played his entire career for the New York Yankees.

Lopez could have kept the ball. It definitely has a value. Only 28 players have reached, that 3,000 milestone, including greats such as Hank Aaron, Ty Cobb and George Brett hit.

But Lopez gave the ball back Jeter and the Yankees, so that it mark on law, which at the moment - could its place in baseball history in the hands of those delivered and not on some auction block. In exchange for the pretty amazing gesture the Yankees Lopez gave memorabilia, including his own baseball card (he is an avid collector) and a 2009 World Series ring. Lopez received some rather nice lodges future Yankees games, signed balls, bats, and merchandise. And everything was in the baseball world... right, until the IRS came knocking.

Lopez found out that he may have federal income taxes on the merch and tickets to pay. The most tax experts tend to agree with that the Exchange hardly a gift under applicable law could be viewed by the ball for the merch. The rules for gifts can be complicated, but tend to whether something in return for the transfer has been received at the Centre. In this case, Lopez received quite a bit support for baseball, give the argument hard to present. The IRS imposes a federal gift tax "on the transfer of a single property to another." "while you get in return nothing, or less than full value affecting tax whether the donor the transfer intended to a gift or not be." And, of course, if it had been a gift, the tax burden would have been to the Yankees for that man Lopez.

It is no gift tax, which must be obtained to Lopez. It is income tax. It is likely that the Merch could price gains were taken into account the taxpayer immediately be (like Ludacris learned from Oprah). Or could it was that were exchanged for value and shall be treated, be regarded as a sale. No one knows just yet (if also definitely fun to speculate).

Estimates of the amount of the tax liability fall depending on the characterization of the tax of between $5,000 to $14,000. This is a pretty big Wallop for a guy is still paying off student loans (writes the girl still paying off her).

So a couple of companies have strengthened to help him. Miller high life (by Miller Brewing Company) has offered, cover Lopez' tax liability. The company gave statement last week says:

Miller high life believes that you do for the right thing, not punished should be rewarded. We want to recognize Christian Lopez, and in turn all may do it for the common sense and still high life life to help him.

And Yes, Miller is probably aware that pay the tax could be also taxpayers. Such as Oprah, Miller will likely "to contribute gross" to capture the full value of the tax, so that Lopez hit with yet another tax do not receive.

So, pretty, right?

It will be better. In addition, the sporting model has were (the company, the Lopez, that has world series ring), offered to help Lopez with his student loans.

It is a pretty spectacular ending for someone who has a pretty good thing for baseball. And the promotion of AMIS, model of and beer of giant Miller Brewing Company not to shabby either.

I am only glad that Jeter a twin was not Minnesota.

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