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ScenarioMike and Sharon, a married couple from Texas, purchased a usedcabinet at an auction...ScenarioMike...

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Question

Accounting

Scenario

Mike and Sharon, a married couple from Texas, purchased a usedcabinet at an auction for $200. After getting home, they discovered$1,000 cash tucked in the cabinet. Being unable to determine whoput the money there and after consulting the local authorities,Mike and Sharon kept the $1,000.

Question:

1. What are as many possible tax research issues as can bedetermined in whether Mike and Sharon are liable for any tax on themoney they found?

2. And what keywords would you might use to construct a searchusing RIA Checkpoint?

Answer & Explanation Solved by verified expert
3.9 Ratings (706 Votes)
1 The money that you accidentally stumble across is known as found property The IRS treats found property as taxable income This rule has originated from a 1957 case law in which Ermenegildo and Mary Cesarini purchased a used piano brought it home and spent the next seven years enjoying its music At some point in 1964 they opened it up and discovered 4467 inside The Cesarinis argued to    See Answer
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In: AccountingScenarioMike and Sharon, a married couple from Texas, purchased a usedcabinet at an auction...ScenarioMike and Sharon, a married couple from Texas, purchased a usedcabinet at an auction for $200. After getting home, they discovered$1,000 cash tucked in the cabinet. Being unable to determine whoput the money there and after consulting the local authorities,Mike and Sharon kept the $1,000.Question:1. What are as many possible tax research issues as can bedetermined in whether Mike and Sharon are liable for any tax on themoney they found?2. And what keywords would you might use to construct a searchusing RIA Checkpoint?

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