Jul 13, 2011, 11:39 AM EDT
We passed along word yesterday that Christian “I caught Jeter’s 3000th” Lopez will probably have to pay a five-figure tax bill on all of the merch the Yankees gave him in exchange for the home run ball. But don’t worry, Christian! Darren Rovell of CNBC reports that help is on the way!
Miller High Life, which recently had a campaign to make its beer the official beer of fans, has offered to cover the bill—which could be more than $10,000—for Lopez, who said he has about $100,000 in student loan debt as well.
Now listen to me closely, Christian: take the cash if it’s being offered. Do not settle for $10K worth of the Champagne of Beers. For two reasons, really. One because, like, it’s Miller High Life. But two, because you’d then have to pay tax on the beer. Although, he may have to pay tax on the cash too. Though eventually, with people paying each subsequent tax bill, I suppose he could pare it down significantly. It’s probably worth noting right now that I got my lowest law school grade in tax class.
Maybe he can just avoid taxes altogether, however. My friend Ethan had a great idea in that regard. From his email to me yesterday in which we talked about the tax implications:
If he had a really ballsy tax lawyer, he could argue that the purchase of his seat for that specific place and date was a shrewd investment of $99.95, which resulted in the capital gain of XXX when it could have been a dead loss, meaning that he should be taxed at cap gains rates, not normal income, approximately halving his tax bill.
Tax-hawks: would this fly? I’d try it!
- And That Happened: Thursday’s scores and highlights 45
- MLBPA files grievance against Astros in regard to draft pick situation 32
- The eyes have it: Thomas’ greatness built on patience 14
- Expert’s Corner: How to troll fans of all 30 teams 193
- Mariners re-acquire Kendrys Morales from Twins for Stephen Pryor 21
- A’s designate $10 million reliever Jim Johnson for assignment 35
- Everything you need to know about next week’s trade deadline 35
- Impending free agent Jon Lester won’t talk contract with the Red Sox until after the season 19
- Expert’s Corner: How to troll fans of all 30 teams (193)
- Verducci: baseball should think about an “illegal defense” rule to combat shifts (162)
- Yankees acquire Chase Headley from Padres (108)
- Who is the next Face of Baseball? (97)
- David Ortiz passes Carl Yastrzemski on the all-time home run list — is he a Hall of Famer? (92)