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:

Personality Traits

Relatively stable characteristics or tendencies that can predict how individuals will behave in a wide range of situations.

Big Five Traits

A model proposing that five broad dimensions – openness, conscientiousness, extraversion, agreeableness, and neuroticism – sufficiently capture most aspects of personality.

Universally

Applicable or occurring everywhere or in all cases without exception.

Openness

A personality trait that describes the degree to which an individual is open to experiencing a variety of activities, engaging in imaginative activities, and willing to entertain new ideas.