While Using a Metal Detector at the Beach During Spring

question 1772

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) Under the discovery rules in the tax law, she will never report any amount as taxable since the value is under $10,000.
• 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) Because it was a "find" she only reports half of the FMV as income.

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Definitions:

Durkheim's Theory

A sociological perspective proposed by Emile Durkheim that studies how societal forces and structures influence behavior, norms, and values.

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