Every once in a while, friends, it can be quite a trip to step back and view old favorites through a novel lens. Take baseball, for instance. When was the last time that you thought about baseball in terms of income tax ramifications?
Ah yes, it is the stuff of final exams. And it's got the folks over at the WSJ Law Blog wondering how it will all turn out.
Tax Law Final Exam Question: Barry Bonds's Ball
Based on your studies this semester, what are your thoughts?
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I didn't read through every comment in the article, but what was interesting was that I could actually decifer some of the terminology which I would have never been able to do before this course. Of course, I wouldn't have known how to deal with it. I guess the ball is as valuable as George Washington's signature? Does the owner of the ball only have to pay taxes once on it, or does he have to keep paying taxes on it?
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