The Taxman Visits Yankee Stadium

Some things just never cease to amaze me. The latest involves the Yankee fan who caught Derek Jeter's 3000th hit (which happened to be a home run). Here's the link to the story that drew my ire:

http://www.nbcnewyork.com/news/local/Fan-Who-Caught-Jeters-3000th-Hit-May-Owe-IRS-Thousands-125406723.html

Here's a devoted fan kicking back, watching his favorite team, when one of the most famous baseballs in Yankees history* falls into his hands. In the short time that the ball made contact with Jeter's bat and the time it went into the stands, it's value increased several thousand times over. At a conservative estimate, the ball was said to be worth at least $250,000.

Now, most people would have taken advantage of the situation and impulsively swapped that piece of cowhide for a boatload of cash. And who could blame them? But this particular Yankee fan (Christian Lopez), knowing the historical significance of the ball, handed it back over to Derek Jeter. Kudos to him. It's great to see that not everyone is obsessed with money.

So, in appreciation for Lopez's kindness, the Yankees gave him a few nice gifts. They included luxury box seats for the rest of the season and some signed memorabilia. Sounds like a win-win for all parties involved.

But like an ominous thunderstorm, the IRS rears it's ugly head and now wants their cut! Why should they get a cut of the action? Yeah, yeah, I know there are certain tax laws regarding these types of things. But come on! I think think they need to cut this guy some serious slack. Hell, the IRS didn't even buy a ticket to the game!

Hey since the ball was estimated to be worth at least $250,000, shouldn't Mr. Lopez get a tax write-off for "donating" the ball? Hell, in this case, he should be be tax exempt for the unforeseeable future! Although Lopez said that he'll pay the taxes, I'm hoping that someone from the Yankees will step up and help him out. Hey, I wonder if that money would be taxable too?

I understand the need for taxes, but I've always had a particular isssue with the gift tax and death tax. In most cases, this is money that's already been heavily taxed. Why should the government get a cut just because it's passed on to someone else?

I think it was Ben Franklin who said that nothing is certain but death and taxes. After all of these years, it still haunts us.......

kw

*Amazingly, with all of the great players in Yankees history, Derek Jeter became the first one to reach the milestone of 3000 hits.