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Charlie Frye

Way too young. RIP.

Domestic Violence

I'd take the Browns again if we could! :D

Out after week 1 with the Browns.

Tribe gives up the lead in the 9th. Ugh.

I watched the entire game and can't recall a game with so many blown calls going against one team.

What will you miss more: his butterfingers or his temper tantrums?

I'm in. Thanks cosmo!

He was so bad here that I would have driven him to the airport. :D It's amazing what a change of scenery can do...

Tribe needs a bat ASAP. They're trotting a minor league lineup out every night in the middle of a pennant race. Unacceptable.

That's a loaded question, but the short answer is no.

They better not hold a new trial. The Feds have bigger fish to fry and enough resources have been spent going after MLB cheats and scumbags.

Lol! All that matters is what the IRS says it's basis is at the time of transfer. IIRC, they'll use an $8 basis. It makes sense because if (and I know it will never happen) Jeter sells it for $1,000,000, he'll owe capital gains taxes on $999,992. Obviously I know the ball is worth more than $8. :D

Lol. It's true and I sure don't blame anyone for not knowing the ins and outs of the crazy tax code. :D

Recipients of gifts do not have to pay taxes on the gift - - they only have to pay tax on any income the gift generates or capital gains tax if the gift is sold. Gifts are not income and the gift tax only applies to the donor.

I have too much humility to ever call myself an expert at anything, and I certainly am capable of being mistaken, but I have more education dealing with the federal tax code than probably 99% of the US population.

It will be interesting to see. The fan will argue that he gave the ball to Jeter out of the goodness of his heart and that he did not expect to receive anything in return.

If I'm not mistaken, the ball is a $8 gift to Jeter. If he were to sell it for $100, he'd owe taxes on $92.

It will be interesting to see if the IRS wants to consider it "income." Its not really compensation as there was no work performed. It may fall under the catch-all of "other income." There's literally 1000s of pages of revenue rulings discussing what is income and what isn't. My gut says...

I think its going to be a tight finish with every team sans the Royals still in close contention going into September. Nothing beats a pennant race!

As long as its a gift (and not disguised compensation or something else), you as the recipient will not owe taxes. If the gift is a capital asset, the recipient will have to pay capital gains when he/she sells the property.

Once again, RECIPIENTS do not pay taxes on gifts. If children earn interest/investment income on their gift, they obviously have to pay taxes on that. Your link deals with when the parents have to file a gift tax return and the rate at which the child's investment income is taxed.

Parents can give unlimited gifts to their kids (and anyone else) without the kid having to pay tax. It has to be a gift, though. If its actually a 0% loan, the parents could be made to pay tax on imputed interest. Sorry. Tax lesson in a Sports forum over.

Nope. You're way off. Recipients of gifts NEVER pay taxes on the gift. The issue is if the $$$ is considered income or a gift. If you do work, and your employer pays you money, the IRS will consider it income whether you or your employer want to call it a "gift" or anything else. It's income...