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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