Legal Question in Tax Law in California

Bonds' Homerun Ball - Gift Tax?

I've searched, but can't find an answer with cites or references.

MLB owned the baseball when it was in play. But, did they retain ownership and give it to the fan (and thus, subject to gift tax)? Or, was it abandoned? Any other theory/reasoning?


Asked on 8/10/07, 8:44 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Bonds' Homerun Ball - Gift Tax?

My call, as I see it, is that once the ball flew over the outfield fence it became "ferae naturae" (see Pierson v. Post) and therefore the property of the first person to exert dominion and control over it, in this case by catching it. Any proceeds from its sale would be the property (and taxable income) of that person.

Read more
Answered on 8/11/07, 12:20 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in California