More Tax Questions Surrounding Jeter’s 3,000th Hit

  
Even though Christian Lopez, the lucky fan who caught Jeter’s 3,000th hit while attending a Yankees game, may not be subject to gift tax for returning Jeter’s ball, he may still be subject to taxes on the souvenirs and tickets given to him by the Yankees.

Paul Caron, a tax professor at the University of Cincinnati Law School, states that Lopez may have to report as income the value of all the souvenirs Lopez received from the Yankees. The tickets Lopez received for Sunday’s game alone sell for $1,358.90 a piece. The question will come down to whether the Yankees intended the souvenirs to be gifts (given out of detached generosity) or prizes. If the items were given as gifts, then Lopez could potentially escape paying taxes on them.

John Leland, Returning Jeter’s Big Hit: No Good Deed Goes Untaxed (Perhaps), The New York Times, Jul. 11, 2011.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.