The retriever says "according to my morality, the ball
> belongs to Hank, so I returned it to him." No taxable
> event.
Personal morality does not determine the operation of federal income tax law.
Henry Aaron gained a ball worth maybe $100,000, but since
> he's the one who added that value, that shouldn't be a
> taxable event either.
The value of items received as gifts are not taxable income to the recipient.
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Well, let's pursue this ad absurdum. The home town baseball team decides to give a baseball signed by Joe Schmoe to every visitor to the ball park (or every tenth, or every hundredth, or ...) during the game in which Joe Schmoe hits his famous hit. Is there income tax on this gift payable by the recipient? It is a famous ball, especially, if the club gives out only a few.
-- Best regards Han email address is invalid
Those aren't gifts. They're given for business purposes, not out of disinterested generosity. So it has nothing to do with Bill's point. Stu
Well, I guess I was totally wrong then. Having Barry Bonds play in that ball park at that time was not an extra attraction.
-- Best regards Han email address is invalid
At least, not according to his ex-wife.
Stu
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