http://sportsillustrated.cnn.com/2007/baseball/mlb/08/09/bonds.ball.ap/index.htmlMatt Murphy could become $500,000 richer if he sells Barry Bonds' record-breaking home run ball.
The college student, however, may just want to hang on to it -- even if he's hit with a whopping tax bill.
"Part of me wants to keep it. It's the greatest American sports accomplishment in history," Murphy said Thursday on NBC's "Today Show." "Part of me might want to sell it, but I really am leaning towards keeping it. It's just too valuable, sentimental."
Selling the ball for that amount would instantly put Murphy in the highest tax bracket for individual income, where he would face a tax rate of about 35 percent, or about $210,000 on a $600,000 ball.
Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said.
SI.com reports that Murphy might not sell the ball, and keep it for sentimental value. What would you do?
I think I would sell it, although a part of me would want to keep it, and have the single most important item in baseball history in your possession.
Poll