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.

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Definitions:

Fiedler's Contingency Theory

A leadership theory proposing that the effectiveness of a leader is contingent upon the match between the leader's style and the situation's demands.

Situational Favourableness

This term describes the degree to which a particular setting or context supports or enhances the potential for successful outcomes.

High LPC Leader

Refers to leaders who are highly person-oriented, prioritizing relationships and team members' welfare over task completion.

Fiedler's Contingency Theory

A leadership theory proposing that effective leadership is contingent upon the leader's style of interacting with their subordinates and the degree of control and influence in a situation.