Folks, unless the person leaving the ring had the requisite
indicia of benevolent intent towards the person who owned
the car the ring was put into, it's more likely to be
treated as "treasure trove" and thus as taxable income to
the finder. See, e.g., Treas. Reg. 1.61-14(a).

That being said, at least one commentator has pointed out
that the IRS has never tried to enforce this regulation upon
the finder until the treasure trove is later sold - in which
case they require inclusion of the full amount realized as
gross income (no basis). See Richard C.E. Beck,
"Cancellation of Debt and Other Incidental Items of Income:
Puritan Tax Rules in the U.S."
(http://www.nyls.edu/pdfs/Vol49no2p695-716.pdf).

So, the finder either has (a) gross income of $15,000
includible in the year of finding, or (b) gross income equal
to the amount realized in the year of sale. What s/he most
likely does not have is a gift.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"NadCixelsyd" <nadcixelsyd[at]aol.com> wrote:

- quote -

Yes

- quote -

No.

--
To email me directly, remove CLUTTER.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"NadCixelsyd" wrote:
- quote -

The correct answer is no, because the fair market value of
the property is zero in the hands of both donor and donee.
I google; you decide. The Boston Globe's online site has an
article proposing various theories. One is the donor stole
it from a Mafia street boss and better had to get rid of it.
Another is that it's cursed. The holder turns into a
werewolf each full moon. In either case, the donee must
part with it immediately. Place it in another unlocked
vehicle. But, impliedly, please, not in the area
mass-transit parking lot in Westborough! What's that local
joke about?

Actually, I googled to see if a valid gift. Rather appears
so, as the donor left a pertinent written note on the seat.
The Globe quoted its contents, but donee anonymous. I
presume in case Vinnie "The Chin" Boombatz is looking for
that ring!

Fred F.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Here's a headline ... "WESTBOROUGH, Mass. - An anonymous
gift-giver, apparently depressed over a lost love, left a
$15,000 diamond engagement ring in somebody's else's
unlocked car in a commuter parking lot."

Does the $4000 excess come out of the unified credit for the
donor? Do you think he'll file the paperwork? Discuss
amongst yourselves. (Since this is a tax forum, let's not
talk about how crazy the donor was... That's a given)

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >