Blog Entry

Giving back Jeter's ball may prove tax liability

Posted on: July 12, 2011 1:56 pm
 
By Matt Snyder

And now we present to you, today's version of "no good deed goes unpunished."

Remember Christian Lopez? He was the fan who caught Derek Jeter's 3,000th hit, which was also a home run. He gave the ball back to Jeter without any monetary demands -- and he could have easily made a windfall had he put the ball up for sale. For example, Barry Bonds' 715th home run ball went for over $200,000. But when Yankees president Randy Levine asked what Lopez wanted for the Jeter ball, Lopez replied: "How about a couple signed balls, some jerseys and bats." (New York Times)

That's it. Obviously, Jeter and the Yankees granted Lopez's request. Lopez even told reporters he owed more than $100,000 in student loans, but felt the ball belonged to Jeter. Of course, Lopez is now likely going to have to pay some pretty hefty taxes on the gifts the Yankees have given him.

Via NYTimes online:
The Yankees gave Mr. Lopez four Champions Suite tickets for their remaining home games and any postseason games, along with three bats, three balls and two jerseys, all signed by Jeter. For Sunday’s game the team gave him four front-row Legends seats, which sell for up to $1,358.90 each.
With so many home games remaining at those lofty prices, it is estimated that the value of Lopez's coup could be over $50,000, which means he'd owe $14,000 in taxes. If it is determined the Yankees gave these items as an act of generosity -- instead of an exchange of goods -- Lopez wouldn't owe a dime. So it's up to the IRS.

Who would have thought, when Lopez caught the ball and did the kind thing, he may have incurred a $14,000 tax liability.

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Comments

Since: Jan 3, 2010
Posted on: July 12, 2011 5:58 pm
 

Giving back Jeter's ball may prove tax liability

spoken like a true yankee



Since: Jan 3, 2010
Posted on: July 12, 2011 5:57 pm
 

Giving back Jeter's ball may prove tax liability

spoken like a true yankee



Since: Dec 18, 2006
Posted on: July 12, 2011 5:00 pm
 

Giving back Jeter's ball may prove tax liability

On the Lebatard Show they were saying, "it wouldn't be right to strong arm Jeter..." Says who? Didn't he just strong arm the Yankees for a contract for he felt he was worth? Doesn't every athlete do that to teams desperate to sign them? I would have milked that ball for everything it's worth. Get back all that money spent on $10 beers, $6 hotdogs, $20 parking, and countless other overpriced items the teams strong arm the fans for. 



Since: Dec 3, 2007
Posted on: July 12, 2011 4:55 pm
 

Giving back Jeter's ball may prove tax liability

The fact that it should be viewed as an exchange of goods is fair. For his sake, I hope it is viewed that way.

I just question those people who think the ball belongs to Derek Jeter. That's horse sh-t in my opinion. I'm a life long Yankee Fan, and I respect the quality years of work that Derek Jeter has given the Yankees. However, Derek Jeter has been highly compensated for his work. I maintain strongly, that at $17+ million per year, that Jeter is likely the most over paid shortstop in baseball. The fact that he was reportedly INSULTED by a $15 million per year proposal in the off season, is LUDICROUS. If Jeter wants the ball that badly, he could bid on it like everyone else. And he has the money to out bid most people if he really wants it; especially if the value comes in around the $300K estimate.

What bothers me about Jeter is that his off season reaction to the initial $15 million per year, was in my view, an admission that he's in denial about his CURRENT value to the team. Jeter, despite needing to set the example as Captain, did not welcome A-Rod to this team a few years back. When Cashman told Jeter two years ago about the metrics discussed on his poor fielding range, Jeter acted as if he never knew that anyone thought his range was in decline. C'mon. And if Jeter is truly the class act that the Media has portrayed him to be, lets see if he volunteers to move down in the lineup, if his hitting doesn't pick up in the second half and his OBP is below Gardner's. I think he's more likely to give up a top spot in the lineup kicking and screaming. Sorry, I like the player, but his selfless image is a media creation.

This guy who caught the ball should have gotten whatever he could for it. I appreciate what Roger Maris did back when he hit his 61st homerun. Maris took the pressure off the young man (Sal Durante) when he told the media that he (the fan) needs the ball more than I do. Durante was going to give the ball to Maris, but Maris after signing it for him, told him to sell it and make some money. NowTHAT is class. You didn't see that happen on Saturday, and Jeter probably makes more money in one or two games than Maris did in an entire season!













Since: Dec 18, 2006
Posted on: July 12, 2011 4:55 pm
 

Giving back Jeter's ball may prove tax liability

He'll never pay a dime. Lawyers employed by the Yankees could make this go away over a bowl of cereal. 



Since: Apr 12, 2007
Posted on: July 12, 2011 4:45 pm
 

Giving back Jeter's ball may prove tax liability

To top of stack...He gave the ball back in exchange for a the bats, balls, and jerseys.  The tickets constitutes a gift from the Yankees to him.  The exhchange was b/n the guy and Jeter.  Though, all this is irrelevant b/c the real point is that our gov't/senators/reps have created an environment where someone can go to the ballpark and come away, potentially, with a $14k tax burden; which, i hope we can all agree, is ridiculous.  Enough is enough.  If someone 'wins' or receives a gift like this; let's all agree they should NOT have to pay taxes on it.  Heck, income taxes are unconstitutional in the first place.
 



Since: Apr 12, 2007
Posted on: July 12, 2011 4:45 pm
 

Giving back Jeter's ball may prove tax liability

To top of stack...He gave the ball back in exchange for a the bats, balls, and jerseys.  The tickets constitutes a gift from the Yankees to him.  The exhchange was b/n the guy and Jeter.  Though, all this is irrelevant b/c the real point is that our gov't/senators/reps have created an environment where someone can go to the ballpark and come away, potentially, with a $14k tax burden; which, i hope we can all agree, is ridiculous.  Enough is enough.  If someone 'wins' or receives a gift like this; let's all agree they should NOT have to pay taxes on it.  Heck, income taxes are unconstitutional in the first place.
 



Since: Dec 16, 2010
Posted on: July 12, 2011 4:40 pm
 

Giving back Jeter's ball may prove tax liability

The man (not kid) didnt do the right thing. Who says giving away a lottery ticket was the right thing? His own father said he would have done it different but he was still proud of his son. The right thing would have been taking care of your family and making sure you have a future and that your kids future and college is either taken care of or at least have some security. This guy is in $100k debt, the right thing would be to pay off your debt rather then go and spend more money at yankee games! The right thing would be to set up a nest egg rather then give a ball to a guy who has made $250 million playing baseball.

This man is an idiot who wanted to meet his hero and thought he would become best friends with him. Instead hes going to cost himself thousands, not pay off his other bills and Jeter will never give him a second thought. Just look at all the pictures with Jeter and him. Jeters not even smiling and could care less, this guy has a big fat smile on his face from ear to ear while Jeter looks like he cant get out of there quick enough.

The IRS shouldnt do this guy any favors he should have taken care of himself. Now he will have to pay and maybe he will learn a lesson. The IRS isnt wrong here, he is and the yankees are for taking advantage of another 1 of their stupid fans who bleed pinstripes rather then live in reality of the real world!




Since: Aug 21, 2007
Posted on: July 12, 2011 4:38 pm
 

Giving back Jeter's ball may prove tax liability

He said it in the article.  They exchanged one ball for one ball fair trade, no gains, no taxes.  Then out of generosity gave him a little bit more.  Therefore no taxes again.  I'm sure the Yankee accountants have accounted for this tax scenario.




Since: Feb 9, 2008
Posted on: July 12, 2011 4:37 pm
 

Giving back Jeter's ball may prove tax liability

What a joke.  Leave it to the IRS to get their fingers in the middle of this.  The team should clearly take care of this expense, unless they want fans to be uncooperative in the future about this stuff.  The fans get pushed around enough as it is.


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