California couple in $10M gold find may owe gov’t about half, report says

foxnews ^ | 02/27/2014 | FOXNEWS

[ImJustAnotherOkie]

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

[spudville]

Government greed

[Obama_Is_A_Feminist]

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

[lepton]

Not if they were stolen property.

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That’s not in contention.

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

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

[RIghtwardHo]

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.

[lepton]

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”

[forgotten man]

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.

[PGalt]

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.

[dangerdoc]

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.

[IronJack]

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.”

[SW6906]

"I would have sat on these and sold one at a time anonymously or gone as far to melt them down to gold."

EXACTLY!

[I want the USA back]

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

[mmichaels1970]

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.

[mmichaels1970]

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.

[cloudmountain]

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!!"

[Doogle]

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

[lacrew]

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.

[cloudmountain]

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!

[hoosiermama]

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

[Freedom_Is_Not_Free]

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.