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07-25-2011, 12:40 PM #4
Re: Should Jeter Pay taxes on his gift?
The gift GIVER pays the tax, per IRS code:
http://www.irs.gov/businesses/small/...8139,00.html#1
So the kid should pay...Jeter is clear (ironic, isn't it). I posted similarly in the other thread. Here is what should happen IMO:
Jeter pays $100K...the NY Yankess pay $50K...Ford pays $50K...Steiner pays $25K...Modells pays $25K. That's $250K for the kid, Derek owns the ball. The kid pays tax on it, but that's life...he'll pocket a good amount of money and can continue his endorsement deals.