Legal Question in Tax Law in Massachusetts

burried gold find

Lets say I found find a large stash of gold that was burried while using a metal detector searching for lost rings, etc. I would like to keep the find but I'm not sure how to go about it. The gold is in the form of a mixture of american, austrailian, and canadian coins. How would I go about reporting the find and still be able to keep the gold?


Asked on 11/03/02, 12:38 pm

1 Answer from Attorneys
Lawrence Graves Coolidge & Graves PLLC

Re: burried gold find

Depends where you found it. Publicizing your find could attract adverse claims.

Treasure trove is includable in gross income when it is conclusively reduced to possession, at fair market value. Reg. Section 1.61-14 ; Cesarini v. United States, 428 F.2d 812 (6th Cir. 1970).

Let me know if you have more specific questions. Best wishes,

LDWG

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Answered on 11/03/02, 12:54 pm


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