Forwarded message:
"The giver is responsible for paying any applicable tax on any large gift," IRS spokesman Steven Pyrek said Monday.
A baseball is owned by Major League Baseball until it leaves the field. It is then owned by the fan who comes up with it.
A gift tax applies to any property given away that is worth $10,000 or more. The person receiving the gift owes no taxes.
Under the federal tax code, the first $625,000 would be exempt because of the lifetime tax credit provided to every individual. So if the ball is deemed to be worth $1 million, the fan would owe at least 40 percent of the remaining $375,000, or $150,000, to the government.
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