Tax Memo
Sample Tax Memorandum
Requested by:
FACTS:
Through sheer happenstance, the taxpayer caught an historic homerun ball at a baseball game you recently attended. At the point the ball flew over the wall of the playing field and into the stands of bleachers -- whereupon it became essentially non-playable -- the status of the ball changed from an ordinary baseball to a collectable item of considerable worth. Since the taxpayer received the valuable ball through luck (and the ability to catch a baseball inflight), the baseball is considered to be a gift. Had you (the taxpayer) taken specific action to select a seat that is commonly targeted by homerun balls (were such a thing possible), possession of the baseball might be considered a gambling win. However, no rules of gambling are applicable to this event.
ISSUE(S):
Is the ball considered a gift? A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.
When is the caught baseball taxable? Technically, the ball is taxable when caught and when sold. The donor of the gift is generally responsible for paying the gift tax, however, at the time the baseball was thrown, it did not have any value beyond the cost of an ordinary professional baseball quality piece of equipment. Under these circumstances, the ball...
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