Death, Taxes, and the All-Star Break

July 13, 2011 Hull & Hull LLP General Interest, Litigation Tags: , , , , , , , , 0 Comments

Benjamin Franklin said that only two things in life are certain: death and taxes. A third item could be added to the list: Major League Baseball’s All-Star Break. 

Yesterday, the 82nd Major League Baseball All-Star Game was played: the National League beat the American League, 5-1

I am taking the occasion of the All-Star Break to take a break from our usual blog topics. However, I will refer to the issue of taxes (and baseball).

On Saturday July 9, the New York Yankees’ Derek Jeter hit his 3,000th career hit. The milestone hit was a home run, caught by Christian Lopez. Some estimate that the souvenir ball may be worth $250,000. However, rather than keep the keepsake, Lopez returned the ball to Jeter!

His good deed did not go unrewarded. Apparently, the New York Yankees gave Lopez luxury box tickets for the rest of the season, including post-season; signed baseballs, bats and jerseys from Jeter, and four premium front row seats to last Sunday’s game.

However, as no good deed goes unpunished, the downside is that the IRS will likely treat the benefits to Lopez as income, and he may be liable for taxes estimated between $5,000 and $14,000.

Enjoy the dog days of summer.

Paul E. Trudelle – Click here for more information on Paul Trudelle

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