Thanks afraidfortherepublic.
Posted on 07/28/2015 7:57:31 AM PDT by Hojczyk
A Florida man has uncovered gold artifacts worth over $1 million from the wreckage of a Spanish fleet that sank in a storm off the Florida coast three centuries ago.
The find by Eric Schmitt was announced late Monday by a salvage company that owns the rights to the site where the coins and jewels were found.
"The treasure was actually found a month ago,” Brent Brisben of 1715 Fleet — Queens Jewels LLC told Florida Today. Keeping word of the haul from getting out was "particularly hard for the family that found it," Brisben added. "They’ve been beside themselves."
Among the artifacts are 51 gold coins, 40 feet of gold chain, and an extremely rare coin called a "Tricentennial Royal", minted for King Philip V of Spain. Schmitt told the Orlando Sentinel that the "Tricentennial Royal" alone is worth approximately $500,000 due to its rarity and near-perfect condition.
The Schmitts are subcontractors of Brisben's company, and have had success in their searches in each of the past two years. In 2013, the family found several pieces of a solid gold chain that ultimately measure more than 60 feet. Last year Schmitt found the back portion of a handcrafted gold-filigree pyx, a vessel used to hold the Eucharist during the observance of Holy Communion.
Under federal and Florida law, up to 20 percent of the treasure will be turned over to the state for display in a museum, while Brisben's company and the Schmitts will split the remainder.
(Excerpt) Read more at foxnews.com ...
And will the tax man come and ask for his cut?
Just wondering, if you find sunken treasure, is it technically considered taxable income? I have a feeling that the government officials would interpret the tax code in a way that it is taxable.
Michelle Obama thanks them for their generous contribution to the vacation fund...
Ping
Last time I checked, supposedly yes it is from someone I know of who does this as a living. Great job: diving, out in the sun, beaches, warm waters etc. One impt. downside is you have to have an international lawyer at your beck and call 24/7 as each country have their maritime laws.
Do they get just compensation or does the government just take?........................
They always do................
Yes...and IRS are pretty astute with numismatic values. The finder could try (and fail) to claim 1000 x1oz of gold coins found and TRY (and fail) to pay 43.6% fed income tax and obamatax on approximately 1,100,000.00 (assuming price of gold/oz is $1,100.0z). However, if their are numismatic values, such as the single coin worth $500k, yep. IRS will go after the numismatic value of the coins worth vs the 1 oz of gold in it.
Point being (pardon the pun) Silence is GOLDen.
Wow!
Thanks afraidfortherepublic.
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