Tax Bill May Loom For “Lucky” Yankee Fan

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					Tax Bill May Loom For “Lucky” Yankee Fan

The baseball world was abuzz during the month of July as longtime New York Yankees
shortstop Derek Jeter zeroed in on his 3000th hit. This is one of the rarest of baseball
milestones, especially for someone playing shortstop because it is considered to be the
most physically demanding position on the diamond. Only Honus Wagner, Cal Ripken
Jr., and Robin Yount had been able to accomplish the feat while playing the majority of
their careers at shortstop.
Jeter did ultimately accomplish the feat by hitting a home run into the left field bleachers
at Yankee Stadium. He hit the blast off David Price of the Tampa Bay Rays, and the ball
was captured by a Yankee fan named Christian Lopez. Lopez, who is a 23-year-old cell
phone salesman with over $100,000 in student loan debt, chose to give the historic
baseball to the New York Yankees for free. Baseball memorabilia experts say that the
ball would have sold for at least a quarter of a million dollars on the open market, but
given Jeter's popularity and positive image it may have fetched considerably more, with
bidding quite possibly reaching seven figures.
As a token of their appreciation the Yankees gave Lopez valuable season tickets for the
rest of the 2011 baseball season along with some autographed Yankees bats and other
gear. Because of the value of these items, especially the tickets, which are prime suite
box seats, Lopez may be facing a hefty income tax bill. The Internal Revenue Service
could view the transfer of this property as earned income, in the same manner that a
lottery win or any gambling profits are considered to be taxable income. If they do see
the transfer in this manner, tax experts say that Lopez may be facing a tax bill that could
be as high as $14,000.
The takeaway here is simple. Lopez' decision to surrender his valuable personal property
to an extremely wealthy entity for free will be questioned by some. But even if you do
decide to engage in an act of pure generosity, you should always consult with an
experienced financial planning attorney before making decisions that could have serious
tax implications.
Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton &
Cumpton LLP offers estate planning and business planning resources to residents of
Mobile AL. To learn more about these free resources, please visit
http://www.epattorneys.com today.

				
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Description: The baseball world was abuzz during the month of July as longtime New York Yankees shortstop Derek Jeter zeroed in on his 3000th hit.