The tax consequences of catching the ball

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Reference no: EM131065021

I am the lucky fan who just caught a historic baseball that has instantly appreciated in value as it left the ballpark. What are the tax consequences of catching the ball? research and answer the following questions: Is the catch of the ball taxable? If yes, is the ball taxable when caught or sold? If the ball is taxable, is it ordinary income or capital gain? We have to support your conclusions with logical reasoning and authority using correct tax laws and citing correctly this is for my graduate tax class.

Reference no: EM131065021

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