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Pay Tax on Found Money? [Video]

Pay Tax on Found Money?

If you find buried treasure, are you subject to income tax?

In 1957, a husband and wife bought a used piano for $15 at an auction.

They were cleaning the piano seven years later and found $4,467 cash inside the piano.

The couple said the money wasn’t taxable.

Here’s their argument:
• Congress had enacted § 74 to say prizes and awards are taxable, but § 74 didn’t mention anything about being taxed if you found a treasure trove
• The couple said the money should be treated as a gift, and thus nontaxable under § 102

But a court of law disagreed, saying all income is taxable unless the tax code says otherwise.


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Resources for Accountants

10 Simple Steps to Starting a New Business | How to Start a Business [Video]

Embarking on the journey of starting a new business is both thrilling and challenging. It's an opportunity to turn your passion into a profitable venture, but it also requires meticulous planning, dedication, and perseverance. Whether you're venturing into a niche market or launching a revolutionary product, having a clear roadmap can significantly enhance your chances of success. In this guide, we'll outline 10 comprehensive steps to help you navigate the process of starting your own business, from conceptualization to launch and beyond.

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Resources for Accountants

2024 CPA Exam Blueprints [Video]

Close Captioning has been auto-generated.The AICPA has issued the final blueprints for the new CPA exam (https://www.aicpa.org/resources/article/learn-what-is-tested-on-the-cpa-exam) which will launch in 2024. Based on the comments received in the exposure draft phase, the AICPA made updates and tweaks to the proposal and has issued the final blueprints.Do you think the updated exam will attract more students to the profession?Watch all A&A Today videos at https://www.youtube.com/playlist?list=PLzz2wvHsZ2DNJ64dEWyHTq5BcvI1RALA-____________________________________________________________Subscribe for More CPA Video Updates https://www.youtube.com/user/WashingtonCPAs CONNECT WITH US: WSCPA https://www.wscpa.org FACEBOOK https://www.facebook.com/WashingtonCPAs LINKEDIN https://www.linkedin.com/company/353584 TWITTER https://twitter.com/WashingtonCPAs INSTAGRAM https://www.instagram.com/washingtoncpas/

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Resources for Accountants

Inspiring Short Stories | Seeking Happiness | Motivational & Inspirational Video [Video]

Seeking Happiness. Inspiring short stories. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.The motivational stories and famous anecdotes presented in this video are excerpts from our book: Top 100 motivational stories: the best inspirational short stories and anecdotes of all time. Get the book here: https://www.bizmove.com/inspiration/m9b.htm