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!
- Christian Vazquez to undergo Tommy John surgery 9
- 2015 Preview: Colorado Rockies 4
- 2015 Preview: Minnesota Twins 18
- 2015 Preview: Philadelphia Phillies 30
- 2015 Preview: Cincinnati Reds 47
- The average Major League Baseball salary this year will be more than $4 million — a record 22
- 2015 Preview: Tampa Bay Rays 21
- The Cubs assign Kris Bryant and Addison Russell to the minors, option Javier Baez as well 70
- Ex-Cardinals outfielder Curt Ford was assaulted in St. Louis and told to “go back to Ferguson” (122)
- David Ortiz: “Nobody in MLB history has been tested for PEDs more than me” (118)
- Rob Manfred says it would be hard to reinstate Pete Rose in a limited way (91)
- The MLBPA releases a statement on Kris Bryant, mentions possible litigation (90)
- Did David Ortiz admit to more than he realized with his Players’ Tribune editorial? (88)