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California couple in $10M gold find may owe govít about half, report says
foxnews ^ | 02/27/2014 | FOXNEWS

Posted on 02/27/2014 1:26:08 PM PST by Doogle

One couple's gold find could mean a jackpot for the IRS.

The Northern California couple that found $10 million worth of rare, mint-condition gold coins buried in the shadow of an old tree on their property will likely owe about half the find's value whether they sell the gold or not.

The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.

"If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession,” the report said, citing the IRS tax guide.

(Excerpt) Read more at foxnews.com ...


TOPICS: Chit/Chat; History; Society
KEYWORDS: afterthegoldrush; california; coin; coins; gold; goldbugs; goldcoins; numismatics; odungo; treasure
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..WOOHOO..MORE PORKULUS MONEY...
1 posted on 02/27/2014 1:26:08 PM PST by Doogle
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To: Doogle

“If you find and keep property that does not belong to you...”

The coins were on their property. They belong to them.


2 posted on 02/27/2014 1:28:01 PM PST by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: Doogle

People in their quest for the 15 minutes are morons. I would have sat on these and sold one at a time anonymously or gone as far to melt them down to gold.


3 posted on 02/27/2014 1:28:32 PM PST by Resolute Conservative
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To: Doogle
Like I said before, they should have shoveled and shut up.

Then they could have waited until they had a tax shelter set up to declare that they just now found it.

At least that would have allowed them to do it in their own time.

4 posted on 02/27/2014 1:28:35 PM PST by E. Pluribus Unum (If Barack Hussein Obama entertains a thought that he does not verbalize, is it still a lie?)
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To: Doogle

If I had found it, getting it OUT of California would have been my first thought.
Buying a home in Grand Cayman would be my second thought.


5 posted on 02/27/2014 1:29:48 PM PST by Zathras
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To: Doogle

This is when I renounce my citizenship an move to a favorable country before declaring anything. Then I would sell as needed and claim it was a family hand me down. There are way to avoid the IRS, you just have to lay low and keep your liberal ass mouth shut ! Now they will learn about their other Govt friends. lol


6 posted on 02/27/2014 1:29:50 PM PST by juma (What i s the real answer ? Does anyone Know ?)
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To: Doogle

About half, huh?

Yeah right. Wishful thinking.


7 posted on 02/27/2014 1:30:42 PM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: Doogle

They may lose all of it:

http://www.freerepublic.com/focus/f-chat/3127454/posts

The mysterious haul of gold coins discovered by a Northern California couple while out walking their dog – and valued at $10 million – may well be a previously undiscovered bounty that an employee of the San Francisco Mint was convicted of stealing in 1901.


8 posted on 02/27/2014 1:31:46 PM PST by Uncle Chip
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To: Doogle

There is too much IRS tax guiding. I realize such makes a prosperous living for many people but for many others those people are just modern day plunderers.


9 posted on 02/27/2014 1:31:55 PM PST by noinfringers2 ( /*)
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To: Resolute Conservative

Why didn’t they keep their mouths shut? They could had individual coins appraised and certified then sold at numismatics conventions and the like for cash.


10 posted on 02/27/2014 1:32:14 PM PST by C19fan
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To: Doogle

and gold was really high last year....I hope they did the right thing and lost a couple of dozen pieces...poor things...


11 posted on 02/27/2014 1:32:32 PM PST by cherry
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To: Responsibility2nd

"..their dog found it, IT'S HIS....and he ain't giving any of it up"

12 posted on 02/27/2014 1:33:21 PM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: C19fan

Look at me, look at me!


13 posted on 02/27/2014 1:33:55 PM PST by Resolute Conservative
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To: Resolute Conservative
I would have sat on these and sold one at a time anonymously or gone as far to melt them down to gold.

I would not have melted them down, but I would have sold them off slowly, and also made them part of an inheritance by giving them away one or two at a time over the years. I would not have melted them down. I wonder if the sale of a rare coin of a certain amount generates some sort of required 1099 filing.

14 posted on 02/27/2014 1:34:08 PM PST by henkster (Communists never negotiate.)
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To: Doogle
One couple's gold find could mean a jackpot for the IRS

IR$ - Internal Revenue for $ocialists. Totalitarians GE$TAPO tentacles ALERT!

If you didn't work for that or earn it you can CONFISCATE someone else's money. Period.

15 posted on 02/27/2014 1:34:32 PM PST by PGalt
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To: juma

Now they will learn about their other Govt friends. lol”

...exactly. I’m thrilled to hear they pay 50%! Hopefully more because anyone stupid enough to announce this has got to be a liberal dumbass convinced that their lib vote helps them in their future.


16 posted on 02/27/2014 1:34:34 PM PST by albie
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To: Doogle

Damn Nixon....screwing us from the grave.


17 posted on 02/27/2014 1:34:54 PM PST by napscoordinator ( Santorum-Bachmann 2016 for the future of the country!)
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To: Resolute Conservative

Yup, very lucky and very dumb. Why tell anybody?


18 posted on 02/27/2014 1:34:56 PM PST by Former Proud Canadian (Cruz/Palin 2016)
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To: lepton
Not if they were stolen property. Couple should've learned smelting and melted these coins down into crude bars.

Sending the coins for grading probably isn't a good idea either. The fewer eyes and mouths, the better.

19 posted on 02/27/2014 1:36:12 PM PST by Obama_Is_A_Feminist
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To: Doogle

gotcha!


20 posted on 02/27/2014 1:36:13 PM PST by smokingfrog ( sleep with one eye open (<o> ---)
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To: Doogle

Should have reported only 2-3 million, bought a boat and taken the rest abroad. Retire somewhere.


21 posted on 02/27/2014 1:36:41 PM PST by ImJustAnotherOkie (zerogottago)
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To: noinfringers2

Government greed


22 posted on 02/27/2014 1:37:38 PM PST by spudville
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To: PGalt

This couple will probably pass away from old age before this court battle is finished.


23 posted on 02/27/2014 1:37:42 PM PST by Obama_Is_A_Feminist
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To: smokingfrog

Not if they were stolen property.


That’s not in contention.


Couple should’ve learned smelting and melted these coins down into crude bars.

Given that the value of the metal is trivial compared to the value of the coins, that’d be an awful idea.


24 posted on 02/27/2014 1:39:41 PM PST by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: Doogle

Reading that language, since it was on their property, they would have a good argument that the value would be the year they purchased the property, not when they discovered it.


25 posted on 02/27/2014 1:40:42 PM PST by RIghtwardHo
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To: lepton; Obama_Is_A_Feminist

Apparently it is in contention that they were stolen.

“a previously undiscovered bounty that an employee of the San Francisco Mint was convicted of stealing in 1901”


26 posted on 02/27/2014 1:42:11 PM PST by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: E. Pluribus Unum

The top marginal income tax rate in California is 11%. They could have bought property in Nevada, with no income tax, and claimed that they found it there.


27 posted on 02/27/2014 1:46:32 PM PST by forgotten man
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To: Obama_Is_A_Feminist

The lawyers will loot them, the socialists will plunder them, and after they have been tagged by the death panels they’ll be voting D’rat in perpetuity.

Life, liberty and the pursuit and destruction of totalitarians.


28 posted on 02/27/2014 1:48:47 PM PST by PGalt
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To: Doogle

What is the cash amount that generates a report to the federal government? $1200 comes to mind.

I know I wouldn’t tell anybody about a find like that. The question is do you sell them or sit on them as a way out when things go to pot.


29 posted on 02/27/2014 1:50:57 PM PST by dangerdoc (I don't think you should be forced to make the same decision I did even if I know I'm right.)
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To: Doogle

I’m sorry, did I say $10 M worth of coins? Silly me, I meant $10. How much tax do I owe now?

Look at what the gummint parasites did to Mel Fisher, the guy who discovered the treasure of the “Atocha.”


30 posted on 02/27/2014 1:52:31 PM PST by IronJack
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To: Resolute Conservative
"I would have sat on these and sold one at a time anonymously or gone as far to melt them down to gold."

EXACTLY!

31 posted on 02/27/2014 1:53:34 PM PST by SW6906 (6 things you can't have too much of: sex, money, firewood, horsepower, guns and ammunition.)
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To: Doogle

Just wondering why the government feels that it has the right to confiscate part of peoples’ assets.


32 posted on 02/27/2014 1:54:26 PM PST by I want the USA back (Media: completely irresponsible traitors. Complicit in the destruction of our country.)
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To: Doogle
will likely owe about half the find's value whether they sell the gold or not.

Isn't that pretty much the same amount you'd owe if you won the lottery?

I'm not sure they could have sold this off piece by piece to avoid detection. I heard someone saying that one coin alone (I think it was an 1886 20 dollar gold - first with "In God We Trust") was worth 1 million.
33 posted on 02/27/2014 1:54:26 PM PST by mmichaels1970
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To: Resolute Conservative
or gone as far to melt them down to gold.

I think you'd be taking a several one ounce ultra rare coins worth $1 million each and melting them down to 3 or 4 ounces worth about $1300 per ounce.
34 posted on 02/27/2014 1:57:45 PM PST by mmichaels1970
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To: juma
This is when I renounce my citizenship an move to a favorable country before declaring anything. Then I would sell as needed and claim it was a family hand me down. There are way to avoid the IRS, you just have to lay low and keep your liberal ass mouth shut ! Now they will learn about their other Govt friends. lol

Do you REALLY believe that the gubmin wouldn't find you?
Do you REALLY believe that the gubmin WOULDN'T get their pound of flesh taxes from you?
If you do, then do I have a deal for you in Florida real estate.
Hah, all the gubmin would have to do is offer a reward, of say $5.00, to find you...and your butt would be behind bars before you could say: "One telephone call!!"

35 posted on 02/27/2014 1:58:19 PM PST by cloudmountain (A)
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To: mmichaels1970

..depends on who your buyer was....*smiles*


36 posted on 02/27/2014 1:59:16 PM PST by Doogle (USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Doogle

I’m assuming these people don’t have $5 million in the bank.

So they’ll have to sell half of the coins just to pay the tax man.

Aint gubmint grand.


37 posted on 02/27/2014 1:59:47 PM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: mmichaels1970
I think you'd be taking a several one ounce ultra rare coins worth $1 million each and melting them down to 3 or 4 ounces worth about $1300 per ounce.

Melting gold requires SOME kind of "GOLDFINGER" type melting facilities. PIECE OF CAKE!! Right??
NO ONE would blink an eye because, SOMEHOW, you would be able to do all this without ANY help, witnesses, etc.
You would merely go into the local gold smelting joint, put down all these coins and say: "MELT THESE, PLEASE." Lol.

Wow!

38 posted on 02/27/2014 2:02:38 PM PST by cloudmountain
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To: lepton

Yep. They bought the property and everything on the property. The gold was as much a part of the deal as the tree was.


39 posted on 02/27/2014 2:02:43 PM PST by hoosiermama (Obama: "Born in Kenya" Lying now or then or now)
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To: Doogle

You find millions in paperless untraceable gold that no human being on earth knows you own.

STFU!

These people are beyond stupid. Lucky, but stupid.


40 posted on 02/27/2014 2:04:03 PM PST by Freedom_Is_Not_Free (Free goodies for all -- Freedom for none.)
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To: lacrew
So they’ll have to sell half of the coins just to pay the tax man.

I remember the same thing for some game show like "The Price is Right" or "Wheel of Fortune" or something like that. People would win a car, but couldn't afford the taxes they had to pay on it. I think they switched to a secret "cash option" that people could take instead of the cars.

I also remember stories about pro sports team owners dying and leaving the team to their kids. The kids would owe so much death-tax they'd have to sell the team.
41 posted on 02/27/2014 2:04:11 PM PST by mmichaels1970
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To: I want the USA back
Just wondering why the government feels that it has the right to confiscate part of peoples’ assets.

They CAN'T take your most precious asset: your eternal soul.
THAT you must GIVE them.

42 posted on 02/27/2014 2:04:12 PM PST by cloudmountain
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To: cloudmountain
You would merely go into the local gold smelting joint, put down all these coins and say: "MELT THESE, PLEASE." Lol.

lol...I agree with you. Melting would be a terrible idea.

I DID see some dude making gold bars in the recent miniseries "Klondike" though and it didn't look too hard. :)
43 posted on 02/27/2014 2:06:47 PM PST by mmichaels1970
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To: lepton
The coins were on their property. They belong to them.

They could hire a good lawyer who would accept the other 50% for their attorney fees.

44 posted on 02/27/2014 2:08:32 PM PST by NautiNurse (Obama sends U.S. Marines to pick up his dog & basketballs. Benghazi? Nope.)
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To: forgotten man
The government sure is lucky to have them.
45 posted on 02/27/2014 2:09:29 PM PST by E. Pluribus Unum (If Barack Hussein Obama entertains a thought that he does not verbalize, is it still a lie?)
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To: lepton

The condition of the coins and arrangement in the cans indicates they were collected and stored over time. One can holds the oldest coins, and others were stashed in ascending chronological order.


46 posted on 02/27/2014 2:12:15 PM PST by NautiNurse (Obama sends U.S. Marines to pick up his dog & basketballs. Benghazi? Nope.)
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To: hoosiermama

Amusingly, the Bible has almost the exact set of events as an example of how ownership should be decided...with the exception that likely the couple didn’t know of the coins prior to purchasing the property.


47 posted on 02/27/2014 2:15:52 PM PST by lepton ("It is useless to attempt to reason a man out of a thing he was never reasoned into"--Jonathan Swift)
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To: mmichaels1970
lol...I agree with you. Melting would be a terrible idea.
I DID see some dude making gold bars in the recent miniseries "Klondike" though and it didn't look too hard. :)

When we lived in Saudi Arabia (early 1980's), we would go into town and visit the gold souk (market) on occasion.
They had REAL GOLD BARS for sale.
There was a smallish one and I asked the price. It was called the "Hershey bar" because it was IDENTICAL to the size of a standard Hershey bar. It was $44,000.00. I don't even remember the price is Saudi riyals!!

48 posted on 02/27/2014 2:18:35 PM PST by cloudmountain
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To: NautiNurse
They could hire a good lawyer who would accept the other 50% for their attorney fees.

"hire a good lawyer"??? Are you NUTS?! No attorney ALIVE would touch that with a 10-foot pole. The attorney's company of Smiley, Dodger, Shifty, Golddigger and Jones would KNOW that the coins had been someone's "loot," that is, ill-gotten gains.

They would offer to DEFEND the gold seller...at the NOMINAL fee of, well, EVERYTHING. But maybe that wouldn't even be enough for SDSG&J!!

My 2 cents.

49 posted on 02/27/2014 2:24:01 PM PST by cloudmountain
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To: lepton

Agreed. They brought the property. It included the home, the landscape, the dirt - and the gold.


50 posted on 02/27/2014 2:26:57 PM PST by aMorePerfectUnion
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