The Tax Implications of Catching Mark McGwire's 62nd Home Run Ball
On September 9, 1998, the Service issued News Release 98-56, stating that the person who caught Mark McGwire's 62nd home run ball would not be subject to either income tax on catching the ball or gift tax on immediately returning the ball to McGwire. The Service's position compared the situation to that of a person who declines a prize or returns unsolicited merchandise. ...
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- Taxation Section