Matt Murphy is being “forced” to auction off the historic home run ball he caught because he’ll be taxed on its worth even if he doesn’t sell it. Story.
What’s the Straight Dope on this F’d-up situation?
Has anyone official from the IRS its self spoken on the matter, or is it just “tax experts” spouting off?
One could argue that the ball has no value unless it’s sold. Taxes would obviously have to be paid if sold, but why before that?
Prizes that are won are taxed presuming one would normally have to pay for them, but there was no way to obtain the ball before-hand by purchasing it.
What’s going on here?
…and no spouting off about how bureaucratic the IRS is or how the gub’mint can do whatever it wants. I wants cites.