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Author Question: While using a metal detector at the beach during spring break, Toni uncovered some rare coins with a ... (Read 45 times)

rayancarla1

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on: Sep 13, 2020
While using a metal detector at the beach during spring break, Toni uncovered some rare coins with a current fair market value of $9,000. What are her tax consequences regarding this find?
◦ Because it was a "find" she only reports half of the FMV as income.
◦ She reports the entire FMV as income.
◦ Since she "found" the coins, she does not have to report any amount of income until she sells the coins.
◦ Under the discovery rules in the tax law, she will never report any amount as taxable since the value is under $10,000.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by rayancarla1 on Sep 13, 2020

elizabethrperez

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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rayancarla1

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

parshano

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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