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Posted by Seth on August 27, 2007, 2:12 am
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> The most often cited court case on treasure trove (that is
> found in almost every law school textbook) is Cesarini v.
> United States, U.S. Dist. Ct., 296 F. Supp. 3 (1969). The
> Cesarini's purchased a piano at a garage sale in 1957 for
> $15.00. In 1964, while cleaning the piano, they found
> $4,467.00 in old currency inside. They exchanged the
> currency at the bank, reported it as income, and filed for a
> refund. They claimed that (1) it was not income; and (2) if
> it was income, it was income in 1957 (conveinently out of
> statute) not 1964, and finally, if it was income in 1964, it
> should be taxed as capital gain income. The taxpayers lost.
> Nevertheless, the case makes for interesting reading and
> addresses many of the issues raised here.
What if he had offered for sale the piano as purchased,
including the old currency, and somebody had paid $5,000 for
it? Would that mean they had $4,985 in capital gains?
Seth
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