What are the tax consequences for fan who catches the ball

Assignment Help Finance Basics

Reference no: EM131490672

Question: An interesting set of tax questions came up in 1998 when baseball stars Mark McGwire and Sammy Sosa were getting close to breaking the record for the number of home runs during a single season. Assume for this discussion that the home run ball that broke the record would be worth SI million. In each case below, what are the tax consequences for the fan who catches the ball?

a. The fan gives the ball back to the player who hit it

b. The fan keeps the ball and holds onto it until he dies.

c. The fan gives the ball to a charity and the charity sells the ball for a profit.

d. The fan sells the ball immediately.

e. The fan sells the ball after holding it a year.

Reference no: EM131490672

Questions Cloud

Summarize your chosen social and criminal justice issue : Identify a clear thesis statement to address your chosen criminal and social justice issue and Summarize your chosen social and criminal justice issue.

Is counting the number of taxable estates collect a good way : According to a New York Motu columnist, "The estate tax affects a surprisingly small number of people. In 2003, just 1.25 percent of all deaths resulted.

Calculate the number of moles of hi : Calculate the number of moles of HI that are at equilibrium with 1.25 mol of H2 and 1.25 mol of I2 in a 5.00-L flask at 448 °C. H2 +I2 ? 2HI Kc = 50.2at448°C.

Discuss carefully the given quotation : Discuss carefully the following quotation: "It is reasonable to assume that business can pass along the full value of the (value-added] tax to final consumers.

What are the tax consequences for fan who catches the ball : An interesting set of tax questions came up in 1998 when baseball stars Mark McGwire and Sammy Sosa were getting close to breaking the record for the number.

Write about intercultural communication : Write 1000 words about Intercultural Communication. The activities vary and may consist of a case study, applied activities, an online activity

Create a beers law plot and best fit line for the data : Lab Assignment: Beer's Law- Create a Beer's law plot and best fit line for the data in Table 1. Describe possible sources of error in this experiment.

Which would replace the income estate and payroll taxes : In 2001, two members of Congress submitted the Fairtax Act, which would replace the income, estate, payroll, and corporation taxes with a flat retail sales tax.

Justify answer using an arithmetic or algebraic argument : In January 2003, the late Professor David Brad-ford told a New York Times reporter that a consumption tax discourages work effort.

User Account

All Pages