[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4522 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4522

    To clarify the income and gift tax consequences of catching and 
                  returning record home run baseballs.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 9, 1998

 Mr. Thomas (for himself, Mr. Bonilla, Mr. Gibbons, Mr. Franks of New 
  Jersey, Mr. Boehner, and Mr. Jones) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To clarify the income and gift tax consequences of catching and 
                  returning record home run baseballs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TAX TREATMENT OF CATCHING AND RETURNING RECORD HOME RUN 
              BASEBALLS.

    (a) In General.--In the case of a record home run baseball--
            (1) for purposes of subtitle A of the Internal Revenue Code 
        of 1986 (relating to income taxes), no amount shall be 
        includible in the gross income of the individual catching (or 
        otherwise recovering) the baseball by reason of catching (or 
        recovering) the baseball, and
            (2) for purposes of subtitle B of such Code (relating to 
        estate and gift taxes), the gift of the baseball to the batter 
        by such individual shall not be treated as a gift for purposes 
        of subtitle B of such Code.
    (b) Record Home Run Baseball.--For purposes of this section, the 
term ``record home run baseball'' means a baseball which is a home run 
ball hit during the 1998 baseball season if the batter of the baseball 
hit at least 61 home runs during such season.
    (c) Denial of Double Benefit.--If, by reason of subsection (a), no 
amount is includible in the gross income of an individual on catching 
(or otherwise recovering) a baseball, no deduction shall be allowed 
under subtitle A of the Internal Revenue Code of 1986 for any 
contribution or gift made directly or indirectly by the individual of 
such baseball.
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