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:

Hemoglobin

Red, respiratory protein of red blood cells; consists of 6% heme and 94% globin; transports oxygen and carbon dioxide.

Iron

A mineral essential for human life, involved in creating hemoglobin which carries oxygen in the blood to all parts of the body.

Vitamin Mismatch

Vitamin mismatch is not a recognized term in medical or nutritional science, hence it's considered as NO.

Rhodopsin Synthesis

The biochemical process by which rhodopsin, a light-sensitive pigment found in the photoreceptor cells of the retina, is produced.