from www.naea.org
Barry Bonds' Home Run Ball While the sports world is abuzz about the value of the 756th home run baseball Barry Bonds hit last Tuesday, the tax world is thinking about, well, the tax implications for the ball's owner. NAEA member Russ Fox opined on his blog that the ball is covered by the price of the game ticket, and therefore is not taxable immediately. However, according to a Wall Street Journal column written by Tom Herman, some experts, such as Temple Law School Professor Alice Abreu, believe the ball is instantly taxable income because it is "accession to wealth." There appears to be uniform agreement that tax will be owed when the ball is sold, but more questions arise regarding the classification of income, rate, and cost basis. Don't expect any answers from the IRS; Chief Counsel (and Tribe fan) Don Korb begged Herman not to ask him
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