While Using a Metal Detector at the Beach During Spring

question 11

Multiple Choice

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?

• A)Because it was a "find" she only reports half of the FMV as income.
• B)She reports the entire FMV as income.
• C)Since she "found" the coins,she does not have to report any amount of income until she sells the coins.
• D)Under the discovery rules in the tax law,she will never report any amount as taxable since the value is under $10,000.

---

Definitions:

Asserted

Stated with confidence or declared strongly as a fact.

Connective

A logical operator that links propositions in compound sentences, such as "and," "or," "not."

Clause

A part of a sentence that contains its own subject and predicate, which can either stand alone as a sentence or be part of a larger sentence.

Proposition

A declarative statement that can either be true or false but not both, used as the basic building block of logic and argumentation.